Thanks, Obama! Turns Out the 'Affordable Care Act' Made Healthcare MORE EXPENSIVE Than...
Karen Bass DEMANDS ICE Leave During Massive Raid in MacArthur Park (Spoiler: They...
Totally Warped Dem: Photoshopped Jogging Post by Hakeem Jeffries Shows How Bent He...
BREAKING: Judge Blocks Big Beautiful Bill's Provision to Defund Planned Parenthood
UNPLUG IT: OpenAI Tried to Download Itself to an External Server When Engineers...
I Love It When a False Leftist Narrative Gets Demolished (Yes, America Wants...
WHAT Is This Headline!? Politico Gets DRAGGED for Report on Doctors' Group COVID...
Corey DeAngelis SPILLS THE BEANS on the National Education Association's Radical New 'Reso...
Cut Off Funding NOW: California Rejects Trump Administration Resolution to Protect Women's...
The Atlantic Says ICE Agents Shouldn't Wear Masks Because It's a Threat to...
Massive Loser Troll Account Comes Face-to-Face with KARMA on His FILTHY Post About...
And THERE It Is! That Thing (Voter Fraud) That Never Happens? Welp, 15...
Then and Now: Dana Bash HATES Politicizing a Natural Disaster, Except When She...
'You're From HERE!' AOC Quietly Changes Her Bronx-y Backstory As Childhood LOCALS Start...
As BAD As We Thought Biden's Campaign Was, Leaked Adviser's Memo Shows It...

ENERGY CRISIS: Natural gas prices in Europe are up 'about **70%** so far **this week**'

Just to follow up on this story from yesterday about the Freeport LNG fuel-export terminal on Quintana Island, Texas and how it won’t be back fully until late 2022, thus raising natural gas prices in Europe while lowering them in the U.S. . . .

Advertisement

. . .natural gas prices in Europe continue to soar this week:

And “benchmark natural gas prices have now risen about **70%** so far **this week**”:

Russia, as you might expect, is taking full advantage of the situation:

You know, maybe our NATO ally Germany shouldn’t have relied so much on NATO rival Russia for its energy needs in the first place?

It sounds like it will be a long winter, Germany:

Advertisement

But it’s not just the export of LNG out of the United States that fueling inflation here at home. We’re exporting refined fuel products, too:

From the WSJ:

A rapid rise in American fuel exports this year has helped push gasoline prices to a record $5 a gallon and is pressuring U.S. prices of natural gas, which hit the highest levels in over a decade earlier this month.

In recent months, companies and commodities traders have shipped more U.S. gasoline and diesel to Latin America and other foreign markets, reaping higher prices than the fuel could fetch domestically. They have also sent more liquefied natural gas, or LNG, to Europe after Russia’s invasion of Ukraine.

The jumps in fuel shipments abroad are further draining U.S. inventories that were already languishing at low levels after output cuts during the worst of the pandemic. Now, American oil-and-gas producers and refiners are struggling to keep up with resurgent demand.

Advertisement

In the past, exporting hasn’t been an issue. But now it is:

U.S. exports have had little effect on domestic prices in recent years, as the country enjoyed plentiful supplies lifted by the fracking boom. But the rise in shipments comes as inventories of crude oil and petroleum products have fallen to the lowest levels since 2008. At that time, exports of refined fuels were much lower, and U.S. companies hadn’t yet built major LNG export facilities.

These unusual circumstances are for the first time causing exports to substantially affect what Americans pay for gasoline and natural gas, which makes it costlier to provide heat and electricity to homes, analysts said.

Over to you, President Biden. Is it time to halt exports?

***

Join the conversation as a VIP Member

Recommended

Trending on Twitchy Videos

Advertisement
Advertisement
Advertisement