Welcome to the “drill more, pay more” era. The United States has entered a new energy paradigm characterized by rising domestic energy prices alongside rising energy production. Despite record high natural gas production levels, US wholesale natural gas prices (Henry Hub) increased 93% compared to the same period last year. Natural gas prices have more than doubled (up 119% as of April 11. 2025) since election day. US natural gas prices are expected to remain high in 2025 and increase through 2026, despite steadily rising production levels.