London Daily

Focus on the big picture.
Tuesday, Jun 30, 2026

Can America fix Europe's gas problem?

Can America fix Europe's gas problem?

North Atlantic shipping lanes are going to be very busy this year as an armada of US natural gas shipments heads to Europe, helping the continent to reduce its reliance on Russian energy following the invasion of Ukraine.

The Biden administration said Friday that the United States will work with other suppliers to send an additional 15 billion cubic meters of liquefied natural gas (LNG) to the European Union in 2022.

Energy experts say that American LNG export terminals are running red hot this year, putting the Biden administration's goal within reach.

"An increase of 15 billion cubic meters from 2021 levels should be achievable, particularly if we continue to see the strong flows that we have seen so far this year," said commodities strategists at Dutch bank ING.

How much gas are we talking? An increase of 15 billion cubic meters won't come close to replacing Europe's Russian gas imports, which totaled roughly 155 billion cubic meters in 2021.

But it's a start.

"15 billion cubic meters of LNG is a big number. It's equal to about one sixth of Germany's annual gas demand," said Alex Froley, LNG analyst at Independent Commodity Intelligence Services.

Remember: LNG is not shipped through pipelines. Instead the gas is cooled to a liquid and loaded onto ships. Sending an additional 15 billion cubic meters to Europe would mean an extra 150 shiploads crossing the Atlantic.

A US Coast Guard boat moves past the Asia Vision LNG carrier ship docked at a terminal in Sabine Pass, Texas.


It's remarkable that the United States is in a position to help Europe at all.

The United States only shipped its first LNG cargo from the lower 48 states in 2016, and has risen to become the world's top exporter in just six years as a shale gas revolution boosted domestic production and turned the country into a powerful force in global energy markets.

America exported more LNG than rival producers Qatar and Australia for the first time in December. It will be the biggest exporter in the world through 2022 as a whole, according to the US Energy Information Agency.

The United States will add even more capacity in the coming years.

"The US has abundant gas supplies, a broadly favourable political and regulatory environment, and an experienced and capable construction industry, making it one of the most attractive locations to develop new export capacity," Ed Crooks of Woods Mackenzie said earlier this year.

A huge spike in gas prices in Europe was attracting more US shipments even before the Biden administration's announcement on Friday.

The European Union imported more than 12 billion cubic meters of LNG from America in the first three months of the year, up from 4 billion cubic meters in the same period in 2021, according to Froley.

That means the United States is already pacing well ahead of Biden's goal.

Remembering an investing legend


Edward "Ned" Johnson III, who oversaw Fidelity Investments' transformation into a financial services powerhouse and pioneered the sale of mutual funds directly to individual investors, died Wednesday. He was 91 years old.

Johnson served as chairman and CEO of Fidelity Investments, the company his father started, for over 40 years, and transformed the mutual fund manager into the second-largest investment management company in the US and one of the most successful financial services firms in the world.

Success story: When Johnson became president in 1972, Fidelity had $3.9 billion in assets under management. The firm now has $11.1 trillion in assets under administration, as of its February filing.

Johnson helped revolutionize the way Americans save and plan for retirement by making Wall Street more accessible to investors, reports my CNN Business colleague Nicole Goodkind.

In 1974, he broke the mold by selling mutual funds directly to individual investors instead of through traditional brokers. After the 401(k) was created by Congress in 1978, he introduced a retirement fund management system, which is now a foundational element of millions of Americans' retirement plans. As the stock market began a sustained period of growth in the 1980s, Fidelity was the first companies to supply discount brokerage services to individuals. In 1995, it became the first fund company to create a website.

People are searching for electric cars


As gas prices soar and pain at the pump intensifies, consumers are reacting by searching for — and possibly dreaming of — more fuel-efficient vehicles, reports my CNN colleague Rachel Ramirez.

Web search interest in electric vehicles reached a record high in the United States in March, according to Google Trends.

While high gas prices are certainly one reason, Jesse Toprak, chief auto analyst at Autonomy, an EV subscription company, said the new interest is spurred by a combination of factors.

"It's a direct reaction to high gas prices, and on top of that, we're also seeing more and more EV models available to choose from for consumers," Toprak told CNN Business.

Does that mean every Google searcher is shopping for a new EV? Maybe not.

Many people are likely exploring the costs and benefits of these cool-looking, electricity-fueled cars. EVs are still prohibitively expensive for many US households. And rather than shelling out even more money up front, many consumers tend to hold on to their current vehicles for as long as they'll last.

Yet Toprak said the Google Trends search is a good measure of consumer demand, and that it matches what his company has been seeing in recent weeks: increases in inquiries and reservations for electric cars.

"We're also seeing that more customers want to educate themselves, even if they've been on the sidelines so far," Toprak said. "There's clearly an interest in consumers trying to figure out, 'is this a better alternative for me?'"

Up next


US pending home sales data will be published at 10:00 a.m. ET

Also today: Consumer sentiment survey from the University of Michigan.

Coming next week: US jobs report for March; Earnings from BioNTech and Walgreens Boots Alliance.

Comments

Oh ya 4 year ago
The true part is Russia has not turned off the tap to any country yet. They have now told everyone that they need to pay either in real money (gold) or in Russian money as the world have cut them off the SWIFT payment system as dollars, and Euros are no good to them. They have even made their bond interest payment. And with what the US has said they can send is only going to make a few freeze to death a little slower. Russia is fighting to push the Neo Nazis put of Ukraine, why does this make them the bad guy as we all know what the Nazis did in WWII. And if it was not for Russia fighting and beating them back to the German border in WWII, you might be speaking a differnt native language

Newsletter

Related Articles

0:00
0:00
Close
Welsh Government Unveils New Agricultural Support Plan Focused on Sustainability and Rural Growth
UK Teacher Recruitment Shortfalls Continue in Science and STEM Subjects
Police Scotland Expands Cybercrime Investigations Amid Rising Digital Fraud
UK Universities Warn of Risk to International Student Numbers Amid Visa Changes
UK Defence Ministry Pivots Toward Greater Domestic Military Procurement
UK Launches National Rail Review After Repeated Service Disruptions
Northern Ireland Assembly Debates Long-Term Funding Settlement for Public Services
UK Accelerates Approval of North Sea Offshore Wind Projects to Expand Energy Capacity
UK Retail Sales Fall as Households Cut Discretionary Spending in June
UK Expands Border Intelligence Cooperation with France and Belgium to Target Smuggling Networks
Scottish Government Faces Pressure Over Delays in Major Infrastructure and Transport Projects
UK Launches Multi-Billion-Pound Artificial Intelligence Infrastructure Investment Fund
National Health Service Warns of Continued Emergency Department Strain Across England
Bank of England Signals Interest Rate Hold as Wage Growth Keeps Inflation Elevated
UK Sets Emergency Fiscal Strategy as Inflation Pressures and Weak Manufacturing Growth Persist
UK Launches New Measures to Improve Safety Standards in Night-Time Venues
UK Tightens Import Rules for Low-Value Parcels to Support Domestic Retailers
UK Launches £85 Million Obesity Care Programme Targeting Early Intervention Projects
UK Commits Up to $26 Million to Ebola Response in Democratic Republic of Congo
Security Industry Authority Flags Safety Failures in Night-Time Economy Inspections
Cambridge South Railway Station Opens After £250 Million Investment
UK Moves to Close Import Duty Loophole for Small Parcels by 2028
UK Invests £85 Million in Projects to Transform Obesity Care
Berkeley Group Warns London Housebuilding Falling Far Short of Demand
UK Council Tax Arrears Rise to £9.3 Billion Amid Ongoing Household Financial Strain
Markets Watch Political Transition as Andy Burnham Emerges as Labour Leadership Frontrunner
Extreme Heat Raises Long-Term Risks for UK Inflation and Productivity, Analysts Warn
UK Health Alerts Extended as Record June Heatwave Grips England
UK Parliament Faces High-Stakes Week of Spending, Security and Industrial Legislation
UK Repeals Vagrancy Act Ending Criminalisation of Rough Sleeping in England and Wales
GB News Pundit Charged With Fraud Over Alleged Conduct as Former Labour Adviser
Reform UK Gains Parliamentary Visibility in First Senedd Opposition Appearance
Metropolitan Police Arrest Man on Suspicion of Attempted Murder After London Car Incident
Ocado Chief Executive Tim Steiner Faces Scrutiny Over £100 Million Remuneration Package
British Chambers of Commerce Downgrades UK Growth Outlook to 0.9 Percent for 2026
Nottingham University Hospitals Maternity Failings Trigger Renewed Calls for Public Inquiry
Severe Heatwave Disrupts UK Transport Networks and Strains Public Services Across England
Labour Leadership Transition Raises Prospect of Andy Burnham Becoming UK Prime Minister
UK Government Confirms Further Medicine Price Concessions for Community Pharmacies in June
British Chambers of Commerce Calls for Public Procurement Reform to Boost Regional Growth
Thousands Mark Armed Forces Day Across the United Kingdom With National Parades and Flypasts
Man Arrested in Ealing on Suspicion of Attempted Murder After Vehicle Ramming Incident Injures Five
Cambridge South Station Opens With £250 Million Investment to Strengthen Life Sciences Corridor
UK Heat-Health Alerts Extended Across England as High Temperatures Persist
Thames Water and Energy Operators Warn of Peak Demand Risks During UK Heatwave
Government Conference Highlights Push for Evidence-Led Policy Across UK Public Sector
Insolvency Service Reports Improved Confidence in UK Insolvency System
Security Industry Authority Finds Widespread Safety Failures in UK Night-Time Economy
Nigel Farage Expands Anti-WHO Campaign Into United States With New Lobbying Structure
Home Secretary Seema Mahmood Unveils New Safe Routes Plan for Asylum Seekers
×