While rising gasoline prices have captured the attention of Capitol Hill and the mainstream media in past weeks, the spurt in gasoline costs is “nearly inconsequential” when compared to the sharp run-up in natural gas prices over the past years, said the American Chemistry Council (ACC) President Greg Lebedev on Thursday.

Calling natural gas “the ‘other’ energy crisis,” he noted that natural gas prices have risen 186% on average over the past decade, with most of the increase coming in the last 18 months. Gasoline prices would have to rise another $1.04 per gallon (more than $3 on average) to match the price jump for natural gas, said Lebedev. The ACC represents top chemical companies, which are large consumers of natural gas.

The rise in natural gas prices has created a $70 billion drag on the U.S. economic recovery that is being felt in every part of the economy, from households to power generators to the plastics, electronics and pharmaceuticals industries, he said.

“While energy markets continue to burn out of control, Washington continues to fiddle around with energy policy,” noted Lebedev. “We believe that the solution to runaway energy costs, particularly natural gas prices, is a balanced set of policy initiatives,” including conservation, a greater variety of fuels and more access to the reserves of natural gas in the U.S.

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