Era of cheap natural gas ends as prices rise 1000%

The era of cheap natural gas is over, giving way to an era of much more expensive energy that will create ripple effects in the global economy.

Natural gas, used to generate electricity and heat homes, was plentiful and cheap for much of the past decade, as part of a supply boom from the United States to Australia. It came to a halt this year as demand significantly exceeded new supply. European gas tariffs hit a record this week, while deliveries of liquefied fuel to Asia are near a record high for this time of year.