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LNG export terminals are loading tankers with fuel destined for countries threatened by Putin’s energy extortion.
To understand the strategic benefit of U.S. fossil fuels, consider how liquefied natural gas exports are riding to the rescue of Europe in the Ukraine crisis. Bloomberg reports that on Saturday all seven U.S. LNG export terminals had tankers docked or loading for the first time, with much of the gas headed to Europe.
Demand for U.S. exports helped set a record 13.3 billion cubic feet of gas loading at the LNG export terminals. Demand is so great that regulators have let tankers fill up at the Calcasieu Pass plant in Louisiana, which is still under construction.
Bloomberg adds that of the five dozen or so U.S. LNG tankers on the water, more than two-thirds are headed for Europe. Natural gas prices have soared on the Continent amid winter supply shortages and threats from Russia. U.S. exports offer relief to a worried Europe, blunt the impact of Vladimir Putin’s energy extortion, and expand the market for U.S. shale-gas drillers who are again increasing production after the pandemic crash.
The political left’s assault on U.S. natural gas is one of the most self-destructive acts in history, as Vladimir Putin understands. Russia has financed green opponents of shale-gas drilling in Europe because he knows it makes the Continent more vulnerable to his controlling ambitions.
U.S. LNG will be even more important if Russia invades Ukraine, and Russia’s Nord Stream 2 pipeline to Germany dies, as President Biden has promised. The U.S. anti-fossil fuel left is Mr. Putin’s best friend.
Source: https://www.wsj.com/articles/american-liquefied-natural-gas-lng-export-europe-ukraine-russia-invasion-nord-stream-2-germany-fossil-fuels-biden-climate-change-11644786010
