Natural gas prices are up more than 45% this year and have now hit their highest point since 2009, based on record demand and falling supply, America’s Energy Advantage said in a statement.
“Americans are getting hit in the wallets by huge price spikes and supply shortages, but it will only get worse if we send more natural gas overseas to our global competitors. It’s bad enough now, but this is an eerie foreshadowing of the crisis to come unless there is a change in course,” said America’s Energy Advantage.
U.S. Department of Energy (DOE) approved the sixth straight export license to ship liquefied natural gas (LNG) to countries that have not signed free trade agreements with the U.S. The approval brings the overall amount of U.S. LNG to non-FTA nations to 12% of 2014 domestic natural gas production.
“ The news also comes in the midst of a severe propane shortage, caused in part by record levels of propane exports. The National Propane Gas Association recently reported that exports of propane hit a record 20% of domestic supply, ” the statement says.