While the U.S. may be in the midst of a natural gas boom, it comes with a price. “Shale drillers are extracting so much gas that it’s overwhelming demand,” Bloomberg reports.
“Prices dipped briefly below $2 per million British thermal units on Friday for the first time since 2016 and traded below the threshold again on Monday. At that level, U.S. producers simply don’t make money. It’s forcing a wave of multibillion-dollar writedowns, layoffs and spending cuts.”