U.S. natural gas prices hit the highest level since 2008, with the U.S. benchmark Henry Hub edging close to $8 per million British Thermal Units on Monday afternoon.
The last major Henry Hub price spikes in 2008 and 2006 were partly due to hurricane activity in the Gulf of Mexico, the Epoch Times reports. Prices in 2008 peaked at $13.32 per million on July 3rd.
Prices fell in 2009 and have remained relatively still since then due to the rise of fracking.
The latest price surge comes as Europe scrambles to replace Russian natural gas with that from other countries, including the U.S., amid the ongoing invasion of Ukraine.