The cost of electricity in Texas is tightly tied to the price of natural gas, which has more than doubled since Russia invaded Ukraine in late February.
A pumpjack next to a home in Gardendale. Texas is the nations top natural gas producer but the state has started exporting more of it to other countries, which contributes to rising utility costs for Texans.
The elevated utility bills have primarily been driven by the price of natural gas, which has shot up more than 200% since late February when Russia, a top gas-producing country, invaded Ukraine and upended the world’s energy market. But demand for natural gas has also been growing at home as more people and businesses continue to flock to Texas. A hotter-than-normal spring and early summer also have driven demand for power to record-high levels. Most Texas power plants run on natural gas.
The higher prices will, however, benefit some Texans. As a major gas producer, the state typically benefits from high oil and gas prices in the form of jobs and state taxes on oil and gas production. Cities located in the state’s oil fields usually benefit even more.
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