Texas electric customers can still act to lock-in a low electric rate before the start of the new year, but prices may soon rise as OPEC seeks to stop oil's unprecedented slide.
While oil was still under $50, prices rose nearly 10% last week, on indications producers are willing to cut supply to support higher prices. News the U.S. government may help automakers through use of the Troubled Assets Relief Program (TARP) bailout fund also stopped a slide in prices.
Officials from Saudi Arabia reported that the OPEC member has already delivered cuts promised to OPEC, a sign that world supplies are smaller than traders had estimated.
Saudi Arabia’s oil production was “absolutely” in line with its OPEC quota, Minister Ali al-Naimi said in an interview. The desert kingdom is the world’s biggest oil producer and OPEC’s most influential member.
Natural gas prices fell to under $5.50/MMBtu, making this a great time to shop around for a cheap electric rate, before higher gas use in the winter heating season pushes prices back up.
Meanwhile, a report by the Energy Retailer Research Consortium confirmed that Texans have the best choices when it comes to buying electricity. The analysis ranked Texas' electric market #1 in the U.S. and Canada for both business and residential customers.
Because of Texas' progressive electric market, customers can choose from a significant variety of products and services, including: locking in energy prices for a year or more, indexed energy prices, hourly electric rates, green or renewable products, the bundling of maintenance services with electricity, the development of on-site power generation, premium power quality services, backup power and reliability services, energy efficiency services and opportunities for customers to participate in bulk power markets. Customers in other states don't have all these custom options to fit their individual needs.