by Peter Zeihan on January 24, 2024

Today, we’re looking at the US natural gas market based on energy data from 2023. The US natural gas market was remarkably stable in 2023, so being the world’s largest producer and exporter of natural gas has its perks.

Thanks to shale and fracking tech, the US maintained an average natural gas price of just over $2.50 per thousand cubic feet (and the low was about $2.20). As soon as we zoom out, we see much more volatility in the global natural gas markets…

Most of the world faced higher prices due to disruptions in Russian supplies and increase in demand across the board. As the Russian natural gas system continues to degrade, the world will struggle to find a suitable replacement. Liquified natural gas (LNG) is a top contender, but it’s expensive and quite technically challenging. A Russia-China pipeline has also been tossed around, but I just don’t see them overcoming the logistical and financial hurdles.

As the rest of the world scrambles to figure out their energy solutions, the US will be well equipped to ride out the wave and even emerge as a key player in the global energy landscape.

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