U.S. gas prices recently climbed to their highest in real terms for more than a decade, as energy shortages and spiking prices in Europe and Asia work their way back up the supply chain to the United States. Front-month U.S. futures hit almost $5.90 per million British thermal units (Btu) at the end of September, more than double their level a year earlier, and the highest since April 2011, after adjusting for inflation. Prices are still far lower than in Europe and Asia because the United States is an exporter, while the other regions are importers, which ensures local prices will almost always be lower than elsewhere. Futures prices for delivery in January 2002, the middle of next winter, are trading at just over […]