EU Economies are Down on Their Knees By M. K. Bhadrakumar

[Manuel Tavares]

EU Economies are Down on Their Knees
By M. K. Bhadrakumar
https://rayviolet.blogspot.com/2022/07/eu-economies-are-down-on-their-knees.html

On July 1 at the White House, US President Joe Biden made a startling disclosure that “the idea we’re going to be able to click a switch, bring down the cost of gasoline, is not likely in the near term.”

American gas exporters have positioned themselves accordingly to fill the gap as Europe turns away from Russian imports. FT reported recently that “US liquefied natural gas producers have announced a string of deals to boost exports as the industry capitalises on shortages that have left Europe with a mounting energy crisis.”

The deals are so lucrative that Cheniere, America’s leading gas exporter, has taken an investment decision to push ahead with a project that will boost its capacity more than 20 per cent by late 2025, anticipating long-term supply deals and locked in purchases of US gas over the coming decades. The US producers of gas are reportedly running plants flat-out to increase supplies to the EU.

The US has overtaken Russia for the first time as Europe’s top gas supplier. Although LNG from the US is sold to Europe at much higher costs than pipeline gas from Russia, EU countries have no choice...+
https://rayviolet.blogspot.com/2022/07/eu-economies-are-down-on-their-knees.html