The World Needs Natural Gas Now, but the U.S. Is Exporting All It Can
The global natural gas market is facing a severe shortage due to the war in Iran, which has cut off a significant source of liquefied natural gas (LNG) through the Strait of Hormuz. The US, the largest LNG exporter, is operating at full capacity and cannot make up for the shortfall, leading to surging prices across Europe and Asia.
The global natural gas market is facing a severe shortage due to the war in Iran, which has cut off a significant source of liquefied natural gas (LNG) through the Strait of Hormuz. A two-month pause on LNG shipments from Qatar has caused prices to surge across Europe and Asia. The US, the largest LNG exporter, is operating at full capacity and cannot make up for the shortfall. The US is building new export terminals, but these projects take several years to complete. The International Energy Agency has warned that the damage to Qatar's gas export operations could delay the growth of LNG supply by at least two years. The war has made reliance on natural gas much more expensive, with prices climbing to as much as six times the price of natural gas in the US.
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