Oil gets the headlines when it comes to the Iran war. Natural gas is where the list of winners and losers gets really interesting. As much as Americans complain and politicians fret about pump prices, the U.S. is fortunate when it comes to petroleum. As the world's largest producer—and a substantial exporter—there are no physical shortages (yet) and energy companies are earning temporary windfalls.

Other than Norway, Western European countries are net importers of oil and refined products. So are heavily industrialized Japan, South Korea and Taiwan. But energy users worldwide take a similar hit when it comes to crude because prices are global.

Natural gas is a different story, and that's where the U.S. is in a truly enviable position. It started years ago with America's shale boom, and the contrast keeps getting larger.