On one hand, fuck natural gas.
On the other hand, isn’t this really bad for Europe? They can’t get natural gas from Russia, the Red Sea is still blockaded for genocide-supporters, and the US isn’t picking up the slack.
Bad for Europe is good for America. Europe’s manufacturing PMI is in the gutter, but they still gotta get their manufactured goods somehow.
I mean, their reserves have been holding steady for the last two winters, and the US has already picked up so much slack that it’s now the worlds largest exporter of natural gas. Even more export capacity on top of current capacity, to be completed years from now, isn’t that bad for Europe, especially when their demand is expected to drop from now on as the rate at which they adopt renewables continues to increase.
The extra capacity is primarily aimed at lowering the export prices in industrializing nations in Africa and South America so natural gas can get back to some semblance of cost parity with currently cheaper and more reliable solar. Bad for US gas companies yes, Europe, probably not.
This is the best summary I could come up with:
President Biden on Friday paused the permitting process for new liquefied natural gas export facilities in order to analyze their impact on climate change, the economy and national security.
The move could spell trouble for what would be the largest export terminal in the country, a $10 billion proposed project in Louisiana that has drawn scrutiny for its potential environmental impact.
“This is nothing more than a broken promise to U.S. allies, and it’s time for the administration to stop playing politics with global energy security,” said Mike Sommers, president of the American Petroleum Institute, a trade group.
Senator Bill Cassidy, Republican of Louisiana, whose state is home to multiple gas export terminals, said in a statement that “Putin must have designed this strategy.”
Within the White House, there was little debate over the decision to delay CP2 because the United States is already shipping so much gas overseas, said people familiar with the discussions who asked not to be named because they were not authorized to speak publicly.
The rare exception was when gas prices soared after Russia’s invasion of Ukraine and the president castigated the industry for not producing enough oil while raking in record profits.
The original article contains 851 words, the summary contains 198 words. Saved 77%. I’m a bot and I’m open source!
Username checks out.
