Cooking with gas is becoming more expensive for Americans, with prices expected to rise into 2026. This trend is driven by a combination of factors, including extreme weather events, the impact of Russia's invasion of Ukraine, and rising costs faced by suppliers. The US Energy Information Administration (EIA) predicts a 4% increase in gas prices this year compared to 2024, with industrial and power plant sectors experiencing even higher price hikes. The cost of gas piped into homes rose by 11.7% in September, outpacing inflation in other areas like food, medical care, and clothing. This surge in gas prices is not isolated; power bills of all kinds have soared for many Americans this year, despite Donald Trump's promises to end inflation and make America affordable again. However, the situation is further complicated by Trump's push to export US-drilled gas as chilled liquified natural gas (LNG). Under Joe Biden, the US paused LNG exports, but Trump has ended this pause and issued export permits for four new terminals. The US is now the world's leading exporter of LNG, shipping about 15 billion cubic feet of gas daily, a 25% increase from last year. While the construction of these terminals will take several years, existing LNG terminals in the US have been violating federal pollution limits, and gas is already considered more polluting than coal when shipping and processing are accounted for. The EIA predicts a significant toll on gas prices next year due to the export boom, with wholesale gas prices spiraling 16% higher than in 2025. This is expected to lead to long-term price increases and injections of volatility, price spikes, into the US gas system. The rising cost of gas and electricity is just one of many worsening costs Americans are facing due to the climate crisis. Home insurance rates are skyrocketing, and flooding is becoming a larger financial liability for households, with severe weather impacts and rising flood damages. The situation is dire, and it's crucial for Americans to understand the complex interplay of factors driving these rising costs.
