The Iran war has triggered the largest energy crisis in history, or so the conventional wisdom says. Epochal stuff — but only half-true, because oil is only half the story.
Thanks to the shale revolution and an enviable geological endowment, US and Canadian natural gas consumers are dodging the economic fallout of the Iran conflict. For America, long worried about its reliance on foreign fossil fuels, it’s an embarrassment of riches.
While European and Asian consumers are now paying north of $30 per million British thermal unit for their gas, US buyers pay around $3 per mBtu. Last week, US gas prices briefly touched a two-year low of $2.5 per mBut — in the middle of an energy crisis. Canadian costs are even lower, at about $1.5 per mBtu.
The price difference between gas in Europe and Asia versus North America, reaching now a ratio of 12 times, has never been wider; not during the 2022 gas shock following the Russian invasion of Ukraine, nor in 2011-2012 after the Fukushima nuclear accident, which forced Japan into gas to keep the lights on.
@iribnews_irib It’s never been this profitable to export US natural gas. America is making a fortune in the energy crisis. https://t.co/0LLrPkUHno
— Sister Rosetta (@rosetta_sister) November 2, 2026
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