Why LNG Won’t Fully Replace Russian Gas In Europe

Europe became the largest customer of U.S. producers of liquefied natural gas recently, taking in more than 50 percent of total U.S. shipments over the last three months. But U.S. LNG, as well as LNG from other sources, would only provide short-term relief. For starters, there are the long-term contracts that all LNG producers in the U.S., Australia, and Qatar already have with other buyers. Then there is the question of insufficient LNG import capacity in Europe. Germany has announced a decision to urgently build two LNG terminals—the country…