Consequently, as long as it's profitable to pump oil... more gas will be supplied to the market.
Which means that gas prices will generally be "low" (relative to energy content?) close to oil producers, as it's still profitable to "produce" gas even at low market prices (because you're mainly producing/selling more oil).
Does this include the cost of dealing with the effects of emitting CO2 into the atmosphere?
So... If the article is correct, and electric energy costs 77% more than natural gas, then yes. Natural gas is still cheaper when factoring in emissions.
1 - https://www.epa.gov/energy/greenhouse-gases-equivalencies-ca...
2 - https://royalsocietypublishing.org/doi/10.1098/rsfs.2019.006...
I may be reading that wrong, but I'm pretty sure that refers to the CCS cost when you capture at use (e.g. in a power plant). You can't really use CCS when you're heating a house, so the right price to compare to would be direct air capture which is an order of magnitude more expensive IIUC.
Found this article: https://climate.mit.edu/ask-mit/how-much-captured-co2-worth that suggests it's about twice as expensive. Though it seems that's the credit that the government pays, not the cost.
If you use resistive heating, heat pump would be 40-50% or so cheaper. Of course with no subsidies the initial cost might be rather high.
Probably have to be an earth-exchange system to deal with temperatures lower than 40°F, given that heating my house in winter is the use case.
* https://mylinkdrive.com/viewPdf?srcUrl=http://enter.mehvac.c...
If you live in US IECC Climate Zone 4 or above look for a cold climate air-source heat pump (ccASHP):
* https://neep.org/heating-electrification/ccashp-specificatio...
You can also get things installed in a dual fuel arrangement where you still have a gas furnace that kicks in if it does ever get 'too cold'.
https://www.nei.org/resources/statistics/state-electricity-g...
If it's a serious question, then this is where carbon capture will have to come in, if our emissions aren't already low enough to be workable for the earth's natural carbon cycles
https://www.nasa.gov/technology/carbon-dioxide-fertilization...
To my mind it's not perfectly rational to maximise my personal wellbeing and wealth in detriment of others, maybe I have a collectivist sense higher than others, maybe we should instill that across societies.
The 20th century went too far with the me-first approach, we can see it's not really working for societies.
I can believe it has a lower price, but I'm sure the cost is higher.
Would it?
e.g. according to https://c03.apogee.net/mvc/home/hes/land/el?utilityname=ure&... unless you live in area with extremely expensive gas and very cheap electricity it will always be cheaper.
If I were doing a brand new build, it may make some sense just because I like to be "green". But paying several thousand just for the install, only to end up paying more per year: Just doesn't make sense.
The point is exactly that electric heat pumps and gas are comparable. Which means that other things start to tip the scale like not having gas in the house (fire safety), having nicer air conditioning for the summer from the same unit, offsetting the grid electricity use with your own solar (lower generation in the winter, but it still helps), and envisioning grid scale sources moving towards renewables.
So it doesn’t make a whole lot of sense to do this comparison to make some environmental point.
Gree Lomo Arctic R32 Inverter 2022 , about €740 (this is one of the top makers)
energy used while cooling: 0.7kW
energy used while heating: 0.7kW
cooling power: 2.7kW
heating power: 3kW
4x efficiency, yay! that's what heat pumps do
outside temperature from +43C to -25C. i've seen -30C and +48C in some models
Also, installation for split units is cheap around here
I see the same thing where I live. Natural gas heating is much cheaper than electric. And we have one of the lowest electric rates in the country.
Gas heating was also cheaper when I lived in the Midwest.
In fact, I often feel the opposite of you - that Big Electric is pushing propaganda. I often see people switching to heat pumps "because it's more efficient", but they don't see their bills go down, and on top of that it's a lot more expensive to install. Even if the bills go down a little, they'll probably not make up for the added cost of equipment in the whole time they are in that house.