Critics Fail to Link U.S. LNG Exports to Higher Utility Bills

Data shows natural gas prices have remained affordable despite rise in LNG exports

Published on Feb. 25, 2026

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Critics claim rising U.S. liquefied natural gas (LNG) exports are causing higher domestic natural gas prices and electricity bills, but key data from the Energy Information Administration (EIA) does not support this narrative. EIA data shows natural gas prices have remained low and affordable for U.S. consumers even as LNG exports have ramped up, with the average Henry Hub price in 2025 coming in at $3.52/MMBtu. Industry experts say the critics are "cherry-picking data" and making claims that "run headlong into reality."

Why it matters

The debate over the impact of U.S. LNG exports on domestic natural gas prices and electricity costs is an important one, as natural gas provides around 40% of the country's power generation. Critics have sought to blame LNG exports for rising utility bills, but the data shows natural gas has remained an affordable and abundant energy source for American consumers.

The details

The EIA data shows the average Henry Hub natural gas price was $3.52/MMBtu in 2025, up from 2024 but still 37 cents/MMBtu lower than 2021 and almost $3/MMBtu less than 2022. Industry experts say critics have "cherry-picked data" and made claims that "run headlong into reality." The data also shows natural gas prices remain low in regions like Texas and Louisiana where infrastructure buildout is less restricted, while prices are higher in places like California, New York, and New England where policymakers have made it difficult to build new pipelines and other needed infrastructure.

  • In 2010, the U.S. LNG export industry was in its developing stages.
  • In January 2026, the Henry Hub natural gas price shot up to an average of $7.62/MMBtu amid winter storms, but then dropped to $2.90/MMBtu as of February 18, 2026.

The players

Paul Cicio

Heads the Industrial Energy Consumers of America (IECA), which represents many industrial natural gas users.

Jeremy Grantham

The co-founder and investment strategist at Boston-based GMO, who credits low-priced U.S. natural gas for providing a big competitive advantage to America's industrial users.

Tim Stewart

President of the U.S. Oil and Gas Association (USOGA), a national trade association representing a broad swath of domestic gas producers.

Mason Hamilton

VP of Economics and Research at the American Petroleum Institute (API).

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What they’re saying

“Just because we have prices in the mid $4.00 range today does not mean these lower prices will remain at these affordable levels.”

— Paul Cicio, Head of Industrial Energy Consumers of America (Department of Energy letter in 2010)

“Natural gas accounts, in my opinion, for like 100% of the unexpected American surge in relative GDP. Everyone who's operating in heavy industry is operating at one-third the cost of Europe and Japan because everyone uses natural gas.”

— Jeremy Grantham (Wall Street Journal)

“Critics of our industry have frequently tried to blame natural gas for a variety of ills since the advent of the shale revolution. Fortunately for U.S. consumers, these claims have always run headlong into reality, enabling them to continue enjoying the benefits of this incredibly abundant and affordable energy gift.”

— Tim Stewart, President, U.S. Oil and Gas Association (Forbes)

“In making this argument, many have cherry-picked their data, broken the y-axis on a price chart (a cardinal sin), or simply have no idea what they are talking about. This tired, lazy, and wrong refrain needs to be put into proper analytical perspective and end.”

— Mason Hamilton, VP of Economics and Research, American Petroleum Institute (X)

What’s next

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The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.