Natural gas prices reached their highest price ever this week, as much of the U.S. felt the effects of winter storms and cold fronts. The Energy Department predicted that it would cost 50 percent more to keep a home warm with natural gas this winter than it did last winter, according to the Associated Press.

The price of 1000 cubic feet of natural gas hit $15.52 this morning, a new record. The price of oil also rose this week, to $61.40 a barrel – which is still nearly $10 lower than it was in September. Oil and natural gas prices are determined mainly by supply and demand, so cold winter weather will ensure soaring rates.

The price of natural gas, much of which is produced domestically, has been rising since 2003. Natural gas exploration and drilling is booming in the West at the moment, with controversial new leases sprouting up in sometimes environmentally fragile areas in the Rocky Mountain states, but many of these wells are producing less than older ones. For an explanation of what determines natural gas prices and how it can affect your heating bill, click here.

Photo credit: NOAA