US gas companies racing to make the Big Bucks from Europe’s misery

(Bloomberg) — 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.

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Two of the projects, Golden Pass LNG near Port Arthur, Texas, and the first phase of Plaquemines LNG, along the Mississippi River about 25 miles south of New Orleans, are expected to begin production in 2024, setting up a race to see which will be the eighth US export terminal. The third project, by Cheniere Energy, the US’s largest LNG exporter, will expand an existing plant in Corpus Christi and won’t begin production until late 2025.


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