In West Texas’ Permian Basin, natural gas prices plunged into a record‑length run of negatives, forcing producers to pay buyers to offload surplus. Ovintiv CEO Brendan McCracken blamed the squeeze on pipeline bottlenecks that keep more gas than can be moved to Gulf‑Coast terminals. The spike hurt cash flow for shareholders in recent quarter as.

McCracken said the gap between Permian prices and those in Asia and Europe damages U.S. competitiveness, creating lost jobs and higher costs for consumers. He urged Congress to fast‑track permitting for new pipelines, noting that state‑regulated intrastate projects already show quicker delivery and lower costs than federal options in the current energy market that shapes.

The Waha hub, a key gateway for Permian gas, flipped positive after a pipeline expansion began operation, ending a 131‑day stretch of negative prices. Analysts expect further recovery as more intrastate lines come online, easing supply constraints. The episode highlights the need for streamlined approvals to keep U.S. gas flowing to market for energy in.

McCracken warned that stalled congressional talks over fast‑tracking infrastructure have cost the country billions in lost investment. With Democrats now back at the table after the administration lifted some project halts, the industry eyes a clearer path to new pipelines that could lift Permian output to market demand and stabilize prices.