Home > Free Essays > Economics > Economic Trends > Global Natural Gas Prices in 1940-2015
3 min
Cite this

Global Natural Gas Prices in 1940-2015 Case Study


There is no use denying the fact that nowadays, natural gas is one of the main sources of energy in the world. With this in mind, it is possible to say that this transformation led to an increase in the importance of this source. Incoherent society, natural gas influences the world policy greatly as economies of a great number of states depend on its manufacture and consumption. Moreover, oscillations of the price of natural gas lead to significant changes in the market and can result in the appearance of the world financial crisis (“One Year Natural Gas Prices and Price Charts” para. 4). Resting on these facts, it is possible to analyze the oscillations of the price of natural gas and their influence on the market.

First of all, it is possible to say that nowadays, the price of natural gas is comparatively low. According to the latest statistics, natural gas costs $2.54 on Tuesday, October 13 (“Naturalgas Price Live” para. 1). This fact shows that nowadays, the tendency towards low prices could be observed. That is why the situation on the market is rather tensed, though stable. States, which depend on the sale of this source, obviously feel the budget shortfall as it was created in terms of high prices on gas. Russian Federation is one of the countries of this sort, and it now tries to reconsider its economy and budget.

Yet, it is possible to compare current low prices with the prices of gas in the middle and second half of the 20th century. Analyzing the data connected with the prices on natural gas, it is possible to admit that nowadays, it is even cheaper than it was “during 72% of the years since 1919” (Perry para. 3). In 2009 the average price was $ 5,64 per million British thermal units. However, under modern conditions, such a low price has a greater influence on the market because the world is more dependent on the prices of natural gas. There were no signs of stagnation and financial crisis in 1973 while nowadays researchers predict serious aftermath in case the prices become even lower.

Additionally, it is possible to say that “an all-time high of 15.39” (“Natural gas 1990-2015” para. 1) was reached in December 2005. It was characterized by significant changes in the market as leading gas producers were able to dictate their rules and obtain great benefits, promoting the development of the economy and pumping up the budget.

The lowest price was achieved in January 1992 and consisted of $1,02 per million British thermal units (“Natural Gas Prices” para. 5). This fact led to the collapse of the economy of a great number of states, and Russian Federation even suffered from the market crash as money obtained from the sales of natural gas was the main way to pump up the budget.

The following table shows oscillations of the price of natural gas.

Year Price ($ per million British
thermal units)
1940 2.8
1941 2.78
1942 2.77
1943 2.6
1944 2.58
1945 2.56
1946 2.5
1947 2.4
1948 2.38
1949 2.37
1950 2.35
1951 2.38
1952 2.36
1953 2.33
1954 2.34
1955 2,40
1956 2.30
1957 2.31
1958 2.30
1959 2.32
1960 2,30
1961 2.28
1962 2.20
1963 2.20
1964 2,18
1965 2.16
1966 2.17
1967 2.10
1968 2.03
1969 2.01
1970 2.00
1971 1.90
1972 1.89
1973 1.88
1974 1.90
1975 1.99
1976 2.03
1977 2.53
1978 2.83
1979 3.01
1980 3.3
1981 3.3
1982 3.2
1983 3.1
1984 2.7
1985 2.6
1986 2.4
1987 2.1
1988 1.90
1989 1.80
1990 1.70
1991 1.43
1992 1.44
1993 2.33
1994 1.69
1995 1.63
1996 1.83
1997 2.33
1998 2.45
1999 2.00
2000 1.88
2001 1.90
2002 1.96
2003 2.03
2004 2.30
2005 2,50
2006 9.93
2007 6.22
2008 7.68
2009 5.64
2010 5.78
2011 4.37
2012 2.70
2013 3.62
2014 3.43
2015 2.3

Works Cited

n.d. Web.

n.d. Web.

2015. Web.

2015. Web.

One Year Natural Gas Prices and Price Charts. 2015. Web.

Perry, Mark. 2009. Web.

This case study on Global Natural Gas Prices in 1940-2015 was written and submitted by your fellow student. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly.
Removal Request
If you are the copyright owner of this paper and no longer wish to have your work published on IvyPanda.
Request the removal

Need a custom Case Study sample written from scratch by
professional specifically for you?

Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar

certified writers online

GET WRITING HELP
Cite This paper

Select a referencing style:

Reference

IvyPanda. (2021, January 26). Global Natural Gas Prices in 1940-2015. Retrieved from https://ivypanda.com/essays/global-natural-gas-prices-in-1940-2015/

Work Cited

"Global Natural Gas Prices in 1940-2015." IvyPanda, 26 Jan. 2021, ivypanda.com/essays/global-natural-gas-prices-in-1940-2015/.

1. IvyPanda. "Global Natural Gas Prices in 1940-2015." January 26, 2021. https://ivypanda.com/essays/global-natural-gas-prices-in-1940-2015/.


Bibliography


IvyPanda. "Global Natural Gas Prices in 1940-2015." January 26, 2021. https://ivypanda.com/essays/global-natural-gas-prices-in-1940-2015/.

References

IvyPanda. 2021. "Global Natural Gas Prices in 1940-2015." January 26, 2021. https://ivypanda.com/essays/global-natural-gas-prices-in-1940-2015/.

References

IvyPanda. (2021) 'Global Natural Gas Prices in 1940-2015'. 26 January.

More related papers
Psst... Stuck with your
assignment? 😱
Hellen
Online
Psst... Stuck with your assignment? 😱
Do you need an essay to be done?
What type of assignment 📝 do you need?
How many pages (words) do you need? Let's see if we can help you!