Unfortunatley there is no longer a strong correlation between the price of power and oil prices. The major sources of fuel for power plants are coal, natural gas, and nuclear. In the past, a strong rally in oil would drive up the price of natural gas as well, but the huge supply of natural gas that has become available in the shale deposits of the U.S. and Canada have changed that dynamic. While oil prices have climbed to nearly $100 a barrel, natural gas is still trading below $4 per MMBTU. In 2008, as a point of comparison, when oil prices were at or above $100 natural gas was trading at 2-3X today's price.
