Thanks Biden: Natural Gas Prices Triple While Supplies Sink

Natural gas isn’t just for the stove or water heater. U.S. power generators use gas to power plants that provide 38% of electricity to the country.

Natural gas prices have tripled since Biden took office and experts fear that short supplies and the coming electricity demand spike for summer could push energy prices higher and stockpiles lower.

Futures for June delivery reached $9.399 per million British thermal units on Wednesday before ending at $8.971, up roughly 2% on the day and more than 20% this month. Prices have tripled over the past year and haven’t been so high since 2008, which was before frackers flooded the market with cheap shale gas. 

“There’s almost no ceiling for natural gas,” said Kent Bayazitoglu, analyst at the energy consultant Baker & O’Brien Inc. “You can reduce your driving a lot easier than you can reduce your natural-gas consumption.”

Natural gas is also used in the production of fertilizer – already in short supply, plastic, cement, steel and glass. The increased costs will continue to impact the prices of everything from groceries to home construction.

The supply shortfall and massive price hikes come as the Biden administration has failed to sell a single oil or gas lease since taking office. In fact, experts say that it is unlikely that the government will sell even a single oil or gas lease before Biden leaves office.

President Biden promised to go after the oil and gas industry and it may be the only campaign promise he’s delivered on. Unfortunately, American families are paying the price for his ill-conceived energy policies.

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