While oil has struggled this past year, its gas counterpart has yet to face the same widespread panic and sell off even in the midst of the recent slump in pricing. Natural gas prices spiked back in February at $6 per MMBtu, but have seen a steady decline since, closing today at $3.90. The commodity has been buffeted by falling oil prices, which have tried to drag down the price of gas. The fracking boom in the United States has also opened more gas plays across the country, allowing a range of companies to compete for the riches. Last year's harsh winter for Eastern Canada, the Eastern Seaboard and the US Midwest helped boost natural gas prices. "US gas and storage is lower than a year earlier, and so far this heating season the weather has been colder," said Patricia Mohr, vice president of economics and commodity market specialist at Scotiabank. "Natural gas prices are very dependent on the weather. "Gone are the days when we had $2 natural gas." Russia's cutting off of gas supplies to Europe as punishment for meting out sanctions on the country in light of the Ukraine invasion has also helped keep prices high. The country eventually turned to China and will supply the country with gas obtained from its Siberian pipelines. Gazprom (MCX: GAZP) hopes to ship 30 billion cubic meters (bcm) of gas a year under the agreement, on top of a deal agreed in May to supply China with 38 bcm a year after 2018. Across the globe, a key theme in Canada has been — and will likely continue to be — liquefied natural gas (LNG) and the chance to boost provincial revenue. So much so that British Columbia Premier Christy Clark has referred to it as a once-in-a-generation chance for the province to seize. In the last election, Clark and her Liberal government estimated that revenue could go as high as $1 trillion.