Boon for American oil and LNG as war and anxieties over energy security in Europe transform global markets
email rounding up the latestWhen a pandemic-induced drop in demand turned US oil prices negative for the first time three years ago, then president Donald Trump implored Russia and Saudi Arabia to cut production to restore order to energy markets — and spare US oil and gas producers.
The US oil and gas producers so imperilled in 2020 have capitalised with bumper profits and exports. And the Biden administration has pushed ahead with sweeping climate legislation designed to break decades of western dependence on fossil fuels. “The war put energy security front and centre in a manner people thought was no longer feasible,” says
You are seeing a snapshot of an interactive graphic. This is most likely due to being offline or JavaScript being disabled in your browser. By 2021, Russia had been supplying about 150bn cubic metres of natural gas per year to Europe, or about 40 per cent of EU demand, says the International Energy Agency. Last year’s collapse of those supplies pushed gas prices to a record high above €343 per megawatt hour, sparking fears of an economic and humanitarian catastrophe on the continent, and a rush for alternatives.
The war has been a boon for the US’s growing liquefied natural gas industry. Until the invasion, China and other developing countries offered US exporters of LNG the most promising markets. Now, Europe’s thirst for the fuel has added more competition for supplies.
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