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The U.S. Energy Information Administration (EIA) recently released its short-term energy price outlook, forecasting that natural gas prices in the U.S. this winter could rise by 29% to 44% compared to the same period last year. This significant increase has raised concerns, especially among industries heavily reliant on natural gas. The American Chemistry Council (ACC) has urged Congress to take action, calling for policy interventions to mitigate the impact on the chemical sector.
Natural gas is a critical resource for the U.S. chemical industry, which is the largest industrial consumer of the fuel. It serves not only as an energy source but also as a key raw material in production processes. Moreover, rising gas prices are affecting everyday consumers, with over half of American households using natural gas for heating during the winter months.
The ACC warned that sustained high natural gas prices could severely harm the competitiveness of the U.S. chemical industry, which operates in a global market. With production costs climbing, domestic manufacturers may find it increasingly difficult to compete internationally. This could lead to reduced output, plant closures, and higher unemployment rates. In the worst-case scenario, a "demand collapse" might occur if companies can no longer afford to operate at current levels.
In addition, recent hurricane activity has worsened the supply situation for oil and gas. The disruptions have led to tighter supplies during the critical heating season from October through March. As a result, natural gas prices have surged to $14 per million British thermal units (MMBtu), up from just $2.60 six years ago. The EIA now expects prices to continue rising at a double-digit rate in the coming months, adding further pressure on both businesses and consumers.