Illustration by Jack Richardson

Americans use nearly 50% more natural gas than they did 10 years ago, a boom that would be considered a miracle in most industries other than tech. Growth in demand—helped by power plants abandoning coal—has continued in recent months, but the price of the commodity is plunging.

Natural gas fell below $2 per million British thermal units on Jan. 21, a level at which most U.S. producers can’t make money drilling new wells. Last Monday, prices hit $1.77 per MMBtu, the lowest level since March 2016. A warm winter has sapped demand for gas for heating, while the supply of

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