There is a persistent and politically convenient claim floating around Washington and the media: that exporting natural gas drives up prices for American families. It’s an easy conclusion to jump to, and it’s wrong. The current crisis in the Middle East is demonstrating why.
Since the Iran conflict disrupted Strait of Hormuz LNG traffic, cutting roughly 20% of global LNG supply, U.S. export terminals have been running at near-maximum capacity. In March, the U.S. exported an estimated 17.9 Bcf/d of LNG, the second-highest monthly volume on record. The following month, even as terminals strained to meet global demand, the U.S. commissioned its ninth LNG export terminal, Golden Pass LNG, adding additional capacity to an already record-breaking export machine. Meanwhile, European and Asian buyers are paying approximately six times the U.S. domestic price for natural gas.
But U.S. domestic natural gas prices? They haven’t budged since the conflict began.[1] That isn’t an accident. It is the answer to a question that critics of LNG exports have long avoided asking: if exporting more gas in theory leads to higher prices, why have prices remained steady while exports surge to historic highs?
The answer starts with production and a basic supply reality that the export critics routinely ignore. In 2025, the U.S. produced a record 118.5 Bcf/d of natural gas while consuming roughly 92 Bcf/d. That surplus is what makes robust LNG exports possible without tightening domestic supply. The U.S. doesn’t have to choose between heating American homes and growing our economy with exports that make our allies more secure. We’re doing both, and at record levels.
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