America's Most Underrated Energy Reality: Low and Lower Cost Natural Gas

There may be no bigger ignored energy reality than that of low-cost natural gas. In 2020, for instance, Henry Hub national prices averaged just $2.05 per MMBtu, their lowest in decades. And this came as U.S. gas production dropped and demand stayed quietly on par with 2019 levels despite the economic devastation of Covid-19. Looking out on the futures curve, as of mid-March, gas prices remain incredibly low, with pricing now below $3.00 through the 2020s. For reference, gas averaged over $6.00 in the era before shale and fracking from 2000-2008.