North America's liquefied natural gas (LNG) industry is emerging from two decades in the shadow of pipeline gas supplies. As this process unfolds it will irrevocably change natural gas markets in North America and beyond. World interest in importing LNG to North America-a gold rush of sorts-has been inspired by high gas prices, the likelihood high prices will persist given declining production joined by rising power-plant demand, and a deep, wealthy market replete with creditworthy buyers. North America has long accounted for about a third of the world's natural gas consumption (28.6% in 2003). Thus, from an international LNG industry perspective, the big enchilada has finally come to market. For 20 years, all the necessary ingredients were present to attract LNG to North American shores, with one important exception-price. Following an abortive start in the early 1980s in which four LNG receiving terminals were completed in the U.S.-but then largely ignored-gas prices languished in the range of $1 to $3 per million Btu, well below levels needed to sustain LNG imports. Since 2000, however, gas markets have experienced a succession of price spikes to beyond $9 per million Btu on Nymex. Spot gas, currently inflated in the aftermath of Hurricane Katrina, cost more than $11 on Nymex at press time; perhaps more significantly, gas prices have exceeded $4 every month since September 2002. Futures prices for both gas and oil portend continued market strength. Despite some likely decreases, gas futures remained above $6 for the next 72 months of trade on Nymex.