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Pennsylvania gas drillers cut back on new wells earlier this year.
A new analysis from the state’s Independent Fiscal Office says Pennsylvania companies drilled 63 new wells between April and June–the lowest quarterly number since 2008. The number of new wells has been falling since the third quarter of 2023.
Drillers produced 1,776 billion cubic feet of gas in 2024’s second quarter. That’s a 4.8% decline in growth compared to the same quarter in 2023.
The IFO said the slowdown is likely in response to very low average prices and high inventory levels.
The average Pennsylvania price of $1.48 cents per metric million British thermal units in the second quarter is nearly 2% more than the same time last year, but down from a price of $1.69 per MMBtu between September and April.
Gas futures markets show prices are likely to rise this winter.
The federal Energy Information Administration said it expects higher prices as production slows and exports at new liquefied natural gas terminals increase.
This story is produced in partnership with StateImpact Pennsylvania, a collaboration among WESA, The Allegheny Front, WITF and WHYY.
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