More than 30 tankers transporting liquid natural gas from the United States to various locations across the World’s—Japan, Brazil, and South Africa—cancelled their travels in December, setting a new course for the European Union. The United States supplied more natural gas to Europe than Russia on the days they arrived in port. This was more than a minor turning point in the history of World’s energy.
Energy corporations were concerned in the mid-2000s that the United States would soon run out of natural gas. Now, because to the hydrofracturing, or fracking, technology developed in the United States, the country generates more gas than it can consume. Last Monday, Mike Sommers, the chief executive of the American Petroleum Institute, said, “As in World’s War II and earlier crises, America has Europe’s back.” Is it, or isn’t it?
When examined more closely, the fleet revealed not the raw force of American industry, but the unavoidable dominance of the market. Because the State Department had requisitioned the gas, the ships did not change course. Houston’s freedom-loving citizens had not provided petrol to their Lithuanian relatives. The tankers’ trek to Europe was orchestrated by the same mechanism that brings cardiologists to Florida every year: excessive and wasteful demand.
Natural-gas prices in Europe reached new highs in late December. As a result, the ships left. They would have gone if they were transporting Qatari gas. The storey exposes the force — and flaws — of a World’s’ sview that has governed US energy policy for nearly half a century. Project Independence, an effort to wean America off foreign oil by 1980, was announced by President Richard Nixon in 1973.