Protecting your budget against rising natural gas prices

Thursday, July 10th 2003, 12:00 am

By: News On 6

A national energy crisis is heating up. Federal Reserve Chairman Alan Greenspan warned lawmakers Thursday a natural gas shortage is coming. News on 6 anchor Scott Thompson explains how a shortage could hit you in the wallet.

When it's so hot outside, it's hard to think about high heating bills. But experts warn you need to start preparing now, because natural gas prices are on the rise. And we could see a repeat of what happened two years ago, when natural gas bills went through the roof.

Last year, we paid about $4 per thousand cubic feet. This year, we're paying almost $2 more. If the trend continues we could see a return to the winter of 2001 when natural gas prices climbed to nearly $8 per thousand cubic feet.

A shortage doesn't mean you won't have heat come next winter, just that it will cost you a lot more. Andrea Chancellor, ONEOK spokesperson: "We do however expect that gas costs will be going up and there are alot of things customers can do now to prepare for that. They can enroll in our budget plan that levels out payments over an entire year."

Another way to insulate your bank account from soaring natural gas bills, insulate your home. That's just one of the tips offered by Oklahoma Natural Gas. And the Department of Energy is launching a new website to help folks conserve energy.