Henry Hub prices were under $2.5/MMbtu (~$18/BBL OE) this week.
The last industry report I read on average, normalised drilling and fracking costs (not easy to get these, many unique variables) was for April 2011, and they were $4/MMbtu.
So if you do the maths, not many companies can afford to supply the domestic US market for too long.
They either, export at around $5-6/MMbtu cash cost, and cop local gas prices at the same. Still that's not too bad and implies an energy equivalence of about $30-35/BOE.
Or supply will dry up, and allow only the largest, low cost producers to supply the domestic market.
Either way the current status quo, isn't stable.
A lot of US politics before any answer is decided on. Time doesn't move fast in US politics. Only Bernanke et. al can decide the fate of a trillion or two at the drop of a hat.
Choice
exports of lng may raise u.s. prices , page-3
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