A new threat to affordability – just in time for winter: Natural gas prices have raced back up just as extreme cold forces Americans to crank up the heat

A new problem is threatening to worsen the affordability squeeze this winter: Natural gas prices have raced back up just as extreme cold forces Americans to crank up the heat.

President Donald Trump has said he’s focused on lowering energy prices. And the most visible energy price for most Americans, gasoline at the pump, has been a clear bright spot on the cost-of-living front.

But the progress on gas prices could be offset by the 39% spike in natural gas futures since the end of September. [Natural gas recently climbed](https://www.cnn.com/2025/12/10/business/winter-heat-energy-prices?utm_medium=social&utm_campaign=missions&utm_source=reddit) to the highest level since December 2022 before retreating sharply this week.

It’s a double whammy for consumers.

First, natural gas is the most common way to heat homes in America. The higher natural gas prices go, the more expensive it will be for many families to stay warm this winter.

Secondly, natural gas is by far the No. 1 fuel source powering the nation’s electric grid. Higher natural gas prices could exacerbate the sticker shock consumers are already experiencing when they open their electric bills.

“All that money the consumer is saving on gasoline may be eaten up by the soaring price of natural gas,” said Andy Lipow, president of consulting firm Lipow Oil Associates.