By Michelle Durham

PHILADELPHIA (CBS) – The price of natural gas is falling and that is good news for those in the Delaware Valley who use it to heat their homes.

With the cost of just about everything else going up, this is certainly welcome news.

Barry O’Sullivan, spokesperson for PGW, explains just how much people are saving.

“For people in the Philadelphia area, since December 2008, they have seen the price of natural gas that we purchase on their behalf and provide to them drop by over 50 percent,” O’Sullivan said.

Why is this so?

“The supply of natural gas has stabilized for the foreseeable future. We know we will be able to meet the demand that our natural gas customers not just here in the region but nationally,” O’Sullivan explained.

O’Sullivan says PGW customers have seen their bill dip significantly. Between gas and delivery charges, the average Philadelphia household is paying $490 less than in previous years.