Bloomberg Warns of US Gas Crisis by 2030: Rising Prices, Job Losses, Heat-Related Deaths

Bloomberg columnist David Fickling painted a dire picture of a US gas crisis in October 2030. The scenario is characterized by rising energy prices, job losses, and heat-related deaths.

The crisis begins with a gas price spike at the US Henry Hub exceeding $10 per million British thermal units for the first time since 2008. This is attributed to weaker growth in shale gas production, extreme weather events, data centers' increasing energy needs, and competition from foreign buyers for US liquefied natural gas.

The economic consequences are severe, with a threefold increase in fertilizer prices forcing Iowa farmers to plant the smallest spring corn crop in two decades. The Fuyao Glass Industry Group closes a plant near Dayton, Ohio, resulting in 2,000 job losses.

Ford also eliminates its second shift at an assembly plant in Wayne, Michigan, citing rising energy costs and supply-chain problems. This leads to another 2,000 layoffs. In New Orleans, July heat could cause up to 70 heat-related deaths, as some elderly residents turn off their air conditioners due to high electricity bills.

As a result of political pressure in the US, the Secure American Fuel for Everyone Act is passed, leading to the restriction of LNG exports for 30 days. Fickling warns that this would increase risks for Europe, Japan, and South Korea, which heavily rely on US supplies.