The last time that I checked, the U.S. government does not own or control where LNG shipments end up. Most of it has been going to Europe because they are outbidding Korea and Japan. This is a political announcement.
The United States will ramp up its shipments of liquefied natural gas to Europe this year and well into the future to help reduce its dependency on Russian natural gas, according to an announcement from President Biden and European Commission President Ursula von der Leyen. This plan includes immediate increases in U.S. LNG shipments, as the president explained: “The United States, together with our international partners, they’re going to — we’re going to work to ensure an additional 15 — one-five — 15 billion cubic meters of liquified natural gas — LNG — for Europe this year.” Europe has already been the top destination for U.S. LNG for several months, with nearly 75 percent of all U.S. LNG currently being shipped there. Importantly, this isn’t a temporary fix. President Biden has committed the United States to increase shipments for the long-term, supplying “additional EU market demand for 50 billion cubic meters of LNG from the United States annually by 2030.”
How can Joe Biden promise this?
How can Joe Biden promise this?
Last edited by dan_s on Mon Mar 28, 2022 8:03 am, edited 1 time in total.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: How can Joe Biden promise this?
Biden White House Calls for More LNG Exports While Also Declaring ‘We Don’t Want to Invest’ in Natural Gas
Nicole Jacobs // Team Lead, Hughesville PA
March 24, 2022
"The Biden administration has been sending mixed signals on domestic oil and natural gas production. From enacting policies that would limit production to demanding the industry immediately increase production to bring down rising energy costs, the back and forth has left companies, their investors and most of America pondering if the administration really is “working like the devil” to bring down prices. As the Federal Reserve Bank of Dallas recently acknowledged “efforts to restrain oil and gas production in countries such as the U.S. may have to be reconsidered in response to persistent global shortages.” And yet this week brought more of the same. On Wednesday, National Security Advisor Jake Sullivan told reporters: “And I think you can expect that the U.S. will look for ways to increase LNG supplies, surge LNG supplies to Europe not just over the course of years, but over the course of months as well. Of course, that amount will grow over time.” Then on Thursday morning, Energy Secretary Jennifer Granholm led the International Energy Agency press conference on how IEA participating countries plan to reduce reliance on Russian oil and natural gas in the near-term."
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MY TAKE: If LNG exports from the U.S. stay at max capacity all year, it will keep us from rebuilding ngas storage, raise natural gas and NGL prices that will be passed on to U.S. consumers. Good news for investors in upstream companies, bad for U.S. consumers.
Nicole Jacobs // Team Lead, Hughesville PA
March 24, 2022
"The Biden administration has been sending mixed signals on domestic oil and natural gas production. From enacting policies that would limit production to demanding the industry immediately increase production to bring down rising energy costs, the back and forth has left companies, their investors and most of America pondering if the administration really is “working like the devil” to bring down prices. As the Federal Reserve Bank of Dallas recently acknowledged “efforts to restrain oil and gas production in countries such as the U.S. may have to be reconsidered in response to persistent global shortages.” And yet this week brought more of the same. On Wednesday, National Security Advisor Jake Sullivan told reporters: “And I think you can expect that the U.S. will look for ways to increase LNG supplies, surge LNG supplies to Europe not just over the course of years, but over the course of months as well. Of course, that amount will grow over time.” Then on Thursday morning, Energy Secretary Jennifer Granholm led the International Energy Agency press conference on how IEA participating countries plan to reduce reliance on Russian oil and natural gas in the near-term."
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MY TAKE: If LNG exports from the U.S. stay at max capacity all year, it will keep us from rebuilding ngas storage, raise natural gas and NGL prices that will be passed on to U.S. consumers. Good news for investors in upstream companies, bad for U.S. consumers.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: How can Joe Biden promise this?
https://www.businesswire.com/news/home/ ... nstruction
Tellurian Inc. (Tellurian) (NYSE American: TELL) announced today that it has issued a limited notice to proceed to Bechtel Energy Inc. (Bechtel) under its executed Engineering, Procurement and Construction (EPC) contract to begin construction of phase one of the Driftwood LNG terminal, a liquefied natural gas (LNG) export facility near Lake Charles, Louisiana.
Beginning construction now allows Tellurian to deliver upon our robust schedule for first LNG in 2026 while we complete the project financing.
Tellurian Inc. (Tellurian) (NYSE American: TELL) announced today that it has issued a limited notice to proceed to Bechtel Energy Inc. (Bechtel) under its executed Engineering, Procurement and Construction (EPC) contract to begin construction of phase one of the Driftwood LNG terminal, a liquefied natural gas (LNG) export facility near Lake Charles, Louisiana.
Beginning construction now allows Tellurian to deliver upon our robust schedule for first LNG in 2026 while we complete the project financing.