The debate is now settled: Rising exports of natural gas have helped lift U.S. prices to their highest levels in well over a decade. By fueling sky-high gas prices, liquefied natural gas exports are boosting utility bills for homes and businesses, adding lighter fluid to the nation’s inflation crisis. Yet as gas consumers suffer, U.S. drillers are making more money than ever—revealing that what’s good for the oil and gas industry has been lousy for the American economy as a whole.
As the U.S. exports more and more gas, there’s less supply left for domestic consumers. Gas utilities, power companies and gas-dependent industries now must compete with one another for the remaining gas supplies. The bidding war has not only lifted prices, it’s also depleted gas stockpiles well below their five-year average, raising the specter of supply shortages next winter.
In short, the U.S. is exporting more and more natural gas, and importing higher prices as a result. If you’re looking for concrete evidence of this dynamic, look no further than what happened after an explosion at a massive gas export project.Gas Exports Boost Prices for US Consumers | Climate Denial Crock of the Week