US natural gas prices are soaring as the country ships record amounts of the fuel overseas, contributing to an affordability crisis that is causing political problems for Donald Trump.
Wholesale prices have jumped more than 70 per cent in the past 12 months, with the US benchmark Henry Hub price settling at $5.29 on Friday, its highest level since December 21 2022 during the energy crisis sparked by Russia’s full-scale invasion of Ukraine.
The price surge is contributing to a deepening sense of runaway costs in the US, and flies in the face of Trump’s claims to have driven down energy prices during his first year back in office.
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