What happens to California's economy when natural gas gets more expensive?
A new Global Insight study — The Impacts of Natural Gas Prices on the California Economy – analyzes what happens to the world's eighth largest economy when the price of natural gas rises (or falls). A Global Insight team from the company's U.S. Regional Economic Service and the Energy Service conducted the study for the Natural Gas Study Advisory Committee, a public-private collaborative effort of the California Energy Commission, Pacific Gas & Electric Company, Southern California Edison Company, and Southern California Gas Company and San Diego Gas & Electric Company.
With recent history showing natural gas prices in the state trending upward, the study found that California, a state three times more dependent than most other states on natural gas as an energy source, would reach 2016 with 163,300 fewer jobs and a $30.4 billion (1.3%) drop in real Gross State Product if natural gas prices hit $10 per million British Thermal Units.
See full Press Release.
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