The US faces an energy crisis due to backlog in gas production and storage, writes insider businessman.
According to the publication, the country’s natural gas reserves for the winter season in the country are currently 10% lower than required for this period, against the backdrop of increased electricity demand for cooling during the warm season.
Domestic gas production is down 1 billion cubic feet per day from its peak of 98.7 billion in August, and U.S. gas supply could drop further. Meanwhile, there are only two and a half months until the start of the heating season in the United States. But after the fire in October, the Freeport LNG export center will be partially opened, it could be involved in gas exports from the US as Europe itself is battling the energy crisis.
The article says buyers in Europe are prepared to pay seven times the US selling price of natural gas. In August alone, gas prices rose 12% to $67 per one million British thermal units (Btu). According to publication reports, these figures are comparable to the cost in the US – about $9 per million Btu, which is close to a 14-year high.
Formerly Blick newspaper WroteThe USA is getting richer with the gas crisis in Europe.