As predicted in a December study by the Biden Administration, liquified natural gas (LNG) exports are expected to drive up energy costs for U.S. consumers over the next year and a half.

Growing international demand for natural gas, which is also the main fuel used to generate electricity in the U.S., is expected to help drive prices up from $2.20 per million British thermal units (MMBtu) in 2024 to $4.90 per MMBtu by 2026, according to the U.S. Energy Information Administration.

In March and April, exports of LNG to foreign countries totaled more than half of the natural gas being used to produce electricity in the U.S., according to the Institute for Energy Economics and Financial Analysis (IEEFA).

Because natural gas is the source of 40 percent of U.S. electricity generation, higher gas prices equal higher costs of generating electricity that will be passed on to consumers, according to IEEFA.

In December, former Energy Secretary Jennifer Granholm had warned about price increases for U.S. consumers due to “unfettered” LNG exports after a release of a Department of Energy study.