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The Associated Press May 1, 2012, 11:58AM ET

National Fuel Gas cutting rates to 10-year low

About 214,000 customers of National Fuel Gas Distribution Corp. in northwestern Pennsylvania will be paying less to heat their homes for the third straight quarter.

The Buffalo, N.Y.-based utility says the 4.1 percent decrease that takes effect Tuesday brings rates to a 10-year low. The average customer's monthly bill will now be $73.45, down from $76.59.

NFG has cut its rates by 8.2 percent and 9.8 percent the previous two quarters.

The company says drilling in the Marcellus shale formation has boosted supply and lowered prices, which suppliers are required to pass along to consumers. A still sluggish economy is also contributing.

National Fuel Gas serves customers in 14 northwestern Pennsylvania counties.

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