The rising price of natural gas is not only causing individuals to do a double take at recent bills, but manufacturers are suffering as well. Manufacturers consume 26% of the natural gas used in the United States, and gas prices are 139% higher than they were last year, according to the National Association of Manufacturers (NAM).
"Our calculations indicate that between 1999 and 2000, the rising price of oil and gas cost our economy more than $115 billion, a full percentage point of gross domestic product," said Jerry Jasinowski, NAM president. He added that the "whopping" increase in energy costs has reduced manufacturers' profits by roughly 14%.