The Iran war and the AI buildout are driving up concerns over the prospect of an energy squeeze in the US.

The country has been a net energy exporter since 2019, and fuel exports have spiked since the conflict led to shortages around the world. But rising domestic gas prices are “raising questions about the merits of sending so much overseas,” a Reuters columnist wrote.

Billionaire hedge fund manager Ken Griffin on Tuesday warned energy scarcity “will create the conditions for a global recession, and the United States will unquestionably feel some of that pain.”

The concerns come as US data center power demand is expected to more than double by 2027, according to a new Goldman Sachs analysis.