Gas prices new york city

Brace for more frightening news, courtesy of your light bill.

New York City gas prices leapt to a staggering $48 per mcf last week before settling back to $22.

A number of weather forecasts call for more severe cold in the eastern part of the United States in the next few weeks. This means the nation's reserves of natural gas are at risk of being drawn down like never before. That could send prices up for everyone for the remainder of the year.

Reserves are actually higher than the rolling five-year average at the moment. But that was the situation last year at this time. Then reserves plummeted. This year could be worse because the economy is recovering. More factories are cranking, which means more demand for natural gas and electricity. On top of that, Entergy Corp. has asked Louisiana utility regulators for permission to raise the base rate for most of its in-state customers. Subsidiary Gulf States Utilities, which serves the Baton Rouge area, is expected to do the same.

It all spells higher light and gas bills for local businesses and homes.

LSU energy economist David Dismukes says to watch the Henry Hub natural gas price per mcf for the next month.

"For our economy, prices of $4 to $5 are painful. Anything over $5 is very painful," Dismukes said. "It's like getting kicked in the teeth."