Race Is On to Be the Next Big US Supplier of LNG to Fuel-Starved Europe
Two energy giants and a newcomer are competing to be the eighth US export terminal
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It’s been eight months since Russia invaded Ukraine, sending global commodity prices soaring and forcing energy-ravenous countries into a mad competitive dash to secure new fuel sources ahead of winter.
While the US filled some of the supply gap by exporting huge quantities of liquefied natural gas from its seven plants, global markets are going to have to wait at least two more years before any new LNG supplies from the US come online. Three large-scale projects requiring more than $30 billion of financing are now under construction in Texas and Louisiana, yet none will be ready next year.