{"id":61881,"date":"2024-01-29T14:18:24","date_gmt":"2024-01-29T22:18:24","guid":{"rendered":"https:\/\/energi.media\/?p=61881"},"modified":"2024-01-29T14:18:24","modified_gmt":"2024-01-29T22:18:24","slug":"gas-exports-cost-u-s-consumers-more-than-100-billion-over-16-month-period","status":"publish","type":"post","link":"https:\/\/energi.media\/news\/gas-exports-cost-u-s-consumers-more-than-100-billion-over-16-month-period\/","title":{"rendered":"Gas exports cost U.S. consumers more than $100 billion over 16-month period"},"content":{"rendered":"<p><em>This article was published by the <a href=\"https:\/\/ieefa.org\/resources\/gas-exports-cost-us-consumers-more-100-billion-over-16-month-period\" target=\"_blank\" rel=\"noopener\">Institute for Energy Economics and Financial Analysis<\/a> on Jan. 29, 2024.<\/em><\/p>\n<p><em><strong>By Clark Williams-Derry<\/strong><\/em><\/p>\n<p>Starting in late 2021\u2014before its\u00a0invasion of Ukraine\u2014Russia began to\u00a0<a href=\"https:\/\/www.martenscentre.eu\/blog\/how-gazprom-manipulated-the-eu-gas-market\/\">manipulate Europe\u2019s energy markets<\/a>\u00a0by trimming gas shipments and emptying\u00a0<a href=\"https:\/\/www.ft.com\/content\/576a96f7-e41d-4068-a61b-f74f2b2d3b81\">gas storage facilities<\/a>\u00a0on the continent.\u00a0To fill the supply\u00a0gaps,\u00a0Europe\u00a0ramped up\u00a0its\u00a0purchases of\u00a0liquefied natural gas (LNG). A\u00a0global bidding war for LNG\u00a0ensued.\u00a0Wealthy\u00a0European nations\u00a0vied with buyers in Japan, South Korea, Taiwan, China, and developing nations for a limited\u00a0LNG\u00a0supply, and prices\u00a0soared\u00a0to\u00a0previously unimaginable highs.<\/p>\n<p>The\u00a0gas price\u00a0contagion\u00a0quickly spread\u00a0to\u00a0American\u00a0shores.\u00a0U.S.\u00a0LNG exporters bought all the gas they could handle,\u00a0hoping to reap big profits by selling U.S. gas to overheated global markets. Surging exports, in turn,\u00a0shortchanged U.S.\u00a0supplies;\u00a0domestic\u00a0<a href=\"https:\/\/ir.eia.gov\/ngs\/ngs.html\">gas stockpiles<\/a>\u00a0fell to multi-year lows,\u00a0and\u00a0<a href=\"https:\/\/www.eia.gov\/dnav\/ng\/hist\/rngwhhdm.htm\">wholesale gas prices<\/a>\u00a0rocketed\u00a0to their highest levels in\u00a0more than\u00a0a decade.<\/p>\n<p>Those price spikes were largely passed on to\u00a0U.S.\u00a0consumers. According to the Energy Information Administration,\u00a0<a href=\"https:\/\/www.eia.gov\/state\/seds\/\">total U.S. spending on natural gas<\/a>\u00a0soared\u00a0to $269 billion in 2022, up from $150\u00a0billion in 2019, the last \u201cnormal\u201d year\u00a0before COVID-19 and Russia roiled\u00a0U.S.\u00a0gas markets.<\/p>\n<p><strong>US Spending on Natural Gas<br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ieefa.org\/sites\/default\/files\/inline-images\/Figure%201%20US%20Natural%20Gas%20Spending_0.png\" alt=\"Natural Gas Spending chart\" width=\"2145\" height=\"1081\" data-entity-type=\"file\" data-entity-uuid=\"106c64dc-793c-492c-bde6-021d3dca4bbf\" \/><\/strong><\/p>\n<p>It\u2019s impossible to know\u00a0exactly\u00a0how much U.S. consumers would have spent\u00a0if Russia hadn\u2019t upended global gas markets.\u00a0But there\u2019s absolutely no doubt that surging\u00a0LNG\u00a0exports\u00a0helped trigger the surge in U.S. gas prices.<\/p>\n<p>Between 2020 and 2022, total\u00a0<a href=\"https:\/\/www.eia.gov\/dnav\/ng\/hist\/n9070us2m.htm\">gas production<\/a>\u00a0in the U.S. increased by 7 billion cubic feet per day (Bcf\/d), while\u00a0<a href=\"https:\/\/www.eia.gov\/dnav\/ng\/hist\/n9140us2a.htm\">domestic consumption<\/a>\u00a0went up by just 4.6\u00a0Bcf\/d.\u00a0With domestic production rising faster than\u00a0consumption,\u00a0you might\u00a0expect prices to stay muted.\u00a0But exports\u00a0changed\u00a0the\u00a0equation. LNG exports went up by 4 Bcf\/d\u00a0over the same period,\u00a0and\u00a0pipeline exports\u00a0rose by\u00a00.4 Bcf\/d. All told, combining\u00a0growth in bothdomestic\u00a0consumption\u00a0and exports, demand for U.S. gas went up\u00a0about\u00a02 Bcf\/d faster than production.<\/p>\n<p>With demand outpacing supply, prices soared.\u00a0But if\u00a0exports had grown more slowly, the U.S. gas market would have been in better balance, and prices would have been closer\u00a0to\u2014or perhaps\u00a0less than\u2014their long-term average.<\/p>\n<p>In the\u00a0years before Russia upended the U.S. gas market,\u00a0the average\u00a0monthly wholesale\u00a0price for gas hovered at just over $3 per\u00a0million metric British thermal units (MMBtu).\u00a0FromSeptember 2021 through December 2022\u2014the years of Russian-induced gas market chaos\u2014prices nearly\u00a0doubled their long-term average.<\/p>\n<p><strong>Average Monthly Henry Hub Prices<br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ieefa.org\/sites\/default\/files\/inline-images\/Figure%202%20Avg%20Monthly%20Henry%20Hub%20Prices_0.png\" alt=\"Average Monthly Henry Hub Prices chart\" width=\"2126\" height=\"1136\" data-entity-type=\"file\" data-entity-uuid=\"a20ba1a9-708f-4b34-8a3c-6dc7d814cebc\" \/><\/strong><\/p>\n<p>Higher wholesale prices\u00a0fueled inflation for all U.S. consumers, including\u00a0<a href=\"https:\/\/ieefa.org\/resources\/lng-exports-have-raised-natural-gas-prices-us-households\">families<\/a>\u00a0heating their homes,\u00a0<a href=\"https:\/\/www.eia.gov\/dnav\/ng\/hist\/n3020us3m.htm\">businesses<\/a>,\u00a0and\u00a0<a href=\"https:\/\/www.eia.gov\/dnav\/ng\/hist\/n3035us3m.htm\">industries<\/a>. It became more expensive to keep the lights on,\u00a0as well.\u00a0Gas-dependent\u00a0<a href=\"https:\/\/www.eia.gov\/dnav\/ng\/hist\/n3045us3A.htm\">electric utilities<\/a>\u00a0saw their costs rise, and many\u00a0passed the increased costs\u00a0to their customers. Some\u00a0people\u00a0saw the price increases directly in their utility bills, but much was\u00a0hidden in the overall increase in prices for goods and services.<\/p>\n<p>If\u00a0domestic\u00a0gas prices had remained at their long-term average,\u00a0U.S. consumers\u00a0would have spent roughly $111 billion less on wholesale natural gas purchases from September 2021 through December 2022. Or, said differently, the Russia-induced price spikes cost\u00a0U.S.\u00a0households and gas buyers $111 billion, but led to a $111 billion windfall for the gas industry.<\/p>\n<p>The\u00a0transfer\u00a0of wealth\u00a0from\u00a0gas\u00a0consumers to\u00a0gas\u00a0producers varied by sector. All told, homeowners and renters paid gas companies an additional $14 billion during the market havoc. Office buildings and other commercial users spent an additional $11 billion.\u00a0U.S.\u00a0industrial gas users transferred about $33 billion to oil and gas companies. And electric utilities paid a whopping $50 billion more for their fuel.<\/p>\n<p><strong>U.S. Spending on Natural Gas, by Sector, September 2021-December 2022<br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ieefa.org\/sites\/default\/files\/inline-images\/Figure%203%20US%20Spending%20on%20Natural%20Gas%20By%20Sector_1.png\" alt=\"US Spending on Natural Gas by Sector\" width=\"1892\" height=\"1448\" data-entity-type=\"file\" data-entity-uuid=\"b721a57a-73b2-45da-baf0-0767b3a4b709\" \/><\/strong><\/p>\n<p>It&#8217;s high time for the consumer\u00a0effects\u00a0of LNG exports to receive the attention they deserve. After all, what\u2019s happened before could happen again. When the circumstances are right\u2014a cold snap in Asia, a pipeline explosion in Europe, unrest in the Middle East\u2014overseas buyers will once again ramp up their demand for LNG and compete directly with U.S. consumers for a limited supply of U.S. gas. The more export capacity we have, the more likely it is that a gas supply disruption anywhere in the world will trigger a price spike here at home. \u00a0It\u2019s\u00a0a twist on the old adage:\u00a0When\u00a0the world sneezes,\u00a0the U.S.\u00a0will catch cold.<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>This article was published by the Institute for Energy Economics and Financial Analysis on Jan. 29, 2024. By Clark Williams-Derry Starting in late 2021\u2014before its\u00a0invasion of Ukraine\u2014Russia began to\u00a0manipulate Europe\u2019s energy markets\u00a0by trimming gas shipments <a class=\"mh-excerpt-more\" href=\"https:\/\/energi.media\/news\/gas-exports-cost-u-s-consumers-more-than-100-billion-over-16-month-period\/\" title=\"Gas exports cost U.S. consumers more than $100 billion over 16-month period\">[Read more]<\/a><\/p>\n<\/div>","protected":false},"author":6,"featured_media":61883,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"give_campaign_id":0,"footnotes":""},"categories":[1],"tags":[41,14,34,272,597,2445],"class_list":{"0":"post-61881","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-energy","9":"tag-featured","10":"tag-natural-gas","11":"tag-russia","12":"tag-trade","13":"tag-ukraine"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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