Surging Natural Gas Prices Squeeze U.S. Industrial Sector
Skyrocketing natural gas prices have raised manufacturing and transportation costs across many U.S. industries, and the situation should persist as the United States exports more gas to Europe to make up for Russian supplies lost to sanctions.
U.S. natural gas futures have doubled this year, far more than the increases in retail gasoline and diesel that have made Americans angry at the U.S. energy industry and the government.
Many industrial company executives believe the United States, once a large importer of natural gas, should stop exporting gas and prioritize its own needs. But gas producers are pushing for more export capacity along with more permits for drilling.
Gas output in key locales in the United States has slowed this year, partly due to insufficient pipeline capacity. Bad weather also cut production and boosted demand.
