U.S. Gas Supply ‘Should Be Fine’ for Winter, Top Driller Says
U.S. Gas Supply ‘Should Be Fine’ for Winter, Top Driller Says
(Bloomberg) -- Natural gas shortages are unlikely in the U.S. this winter because domestic inventories held in reserve are large enough to satisfy residential demand for the heating fuel, according to the nation’s biggest supplier.
Gas stowed in underground storage is “significantly greater” than stockpiles available in Europe, where prices are skyrocketing amid escalating fears of a supply squeeze, said Toby Rice, chief executive officer of EQT Corp.
“We should be in good shape here in the U.S.,” he said during an interview on Thursday. “I cannot say that for Asia. I cannot say that for Europe. They’re really praying for a mild winter.”
A global surge in gas prices is rippling into electricity and coal markets across Europe, China and India, and punishing manufacturers of everything from automobiles to fertilizers. The jump also is fueling inflation concerns and worries about a slowdown in economic activity.
Although U.S. consumers have been insulated from the worst impacts of the crises, domestic gas prices have more than doubled this year and the government on Thursday warned that householders will see the highest heating bills since 2007-2008.
©2021 Bloomberg L.P.