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Based on data through the middle of February from the EIA, the inflation-adjusted spot price of natural gas (Henry Hub Gulf Coast) this month at $2.50 per million BTUs is close to the lowest price in the history of the EIA data back to January of 1997 (see chart above). There have been only three other months in the last 15 years that real spot gas prices have been lower: December 1998 ($2.40), February 1999 ($2.45) and March 1999 ($2.48).

Welcome to America's shale gas revolution, where thanks to modern, advanced drilling technologies, we've become the "Saudi Arabia of Natural Gas," which translates into the lowest prices in recent history for U.S consumers and businesses.

Related quote from Kevin Williamson in his National Review article "The Wonders of Frack: Why We Should Be Exploiting Our Natural Gas":

Cheap, relatively clean, ayatollah-free energy, enormous investments in real capital and infrastructure, thousands of new jobs for blue-collar workers and Ph.D.s alike, Americans engineering something other than financial derivatives - who could not love all that?

Source: Natural Gas Prices Are The Lowest Since 1999