It's hot across much of the United States right now. Even in the upper tier of states, July sees plenty of warm weather, and this year's no exception. But while we're dealing with the heat right now, winter will be around again before we know it — with temps dropping below freezing; if we see the return of the infamous Arctic Vortex, temps may drop below zero.
Fortunately, we can deal with that. Because we're Americans, and we don't do things halfway. Many Americans depend on natural gas for heating, cooking, and electricity generation, and never is that more important than in frigid winter temps. Here's the thing: The natural gas that we'll use this winter to stay warm is being extracted and processed now. But this year, thanks to revived extraction and refining efforts, the United States is not only exporting natural gas but also sitting on above-average stocks for our own use.
Winter is coming, and in just a few months, millions of Americans will move from cranking up their air conditioners to firing up their furnaces. Fortunately, the same American energy source that kept millions cool during the recent heat wave is already preparing to keep them warm this winter.
Natural gas.
During the recent massive heat wave, electricity demand surged. It was natural gas leading electricity generation during peak hours in the Midwest, Mid-Atlantic, New York, and New England. Even those leftist “keep it in the ground” blue hairs were cooled by fossil fuels.
The conclusion was hard to miss. When millions of Americans needed their air conditioners, natural gas showed up. That should not surprise anyone who remembers Winter Storm Fern just a few months ago.
This is where the supply side of the equation shows up.
As of July 3, the U.S. had 2,983 billion cubic feet of working natural gas in underground storage, according to the U.S. Energy Information Administration (EIA). That is 185 billion cubic feet above the five-year average, a surplus of 6.6%.
The EIA forecasts that American working natural gas inventories will reach 3,966 billion cubic feet by the end of October, leaving the nation 5% above the five-year average. Those healthy inventories should help limit upward pressure on prices. The EIA projects the benchmark price during the fourth quarter will be 5% lower than last year.
Meanwhile, Europe is buying natural gas from Russia, effectively putting money in Tsar Vladimir I's pockets.
Read More: The Problem With Suing Oil Companies for the Weather
US Energy Revolution: Natural Gas Now Set to Lead Over Petroleum
This is how a world power does things. The United States has great stocks of natural gas, and the Trump administration understands something about those stocks that the late, unlamented Biden administration did not, namely that these natural gas supplies aren't doing anyone any good sitting in the ground. We're also exporting natural gas, which is not only good for the American economy, it's good for our allies.
America, on the energy front, is back. We're a net energy exporter, although we are still importing some crude petroleum. But we can get around that as well. The thing we need now is more refining capacity, but that's not something we can develop overnight.
Winter will be here soon enough. But thanks to ample stocks of good American-produced natural gas, we would seem well-prepared for it.
Editor’s Note: Thanks to President Trump’s leadership and bold policies, America’s economy is back on track.
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