Contains Opinion of the Writer
Washington Examiner reports that the cost of shipping liquefied natural gas soars to new heights on Tuesday as buyers across the world compete for volumes in a tightening market ahead of a winter shortfall brought on by Russia’s invasion of Ukraine.
Rates to charter an LNG vessel in the Atlantic rose to $374,000 per day, more than quadruple the freight rate on the same day in 2021, according to Spark Commodities. By contrast, the rate on October 11 of last year was nearly $91,000 per day, and a year before, it was $65,000 per day.
Russia, the most significant external gas supplier for years, now dramatically reduces its pipeline gas exports to the European Union after the bloc imposed multiple sanctions regarding Ukraine. So now, many countries are scrambling to get their hands on the commodity.
Europe is going into an emergency, and the EU has introduced mandatory energy-saving measures to conserve gas. However, it has also returned to more coal, a fuel it quickly wants to phase out in a bid to save gas.
Gas is used widely for home heating in Europe, making the conservation and acquisition of more gas an imperative to get through winter and industrial manufacturing. Many Americans in the northeastern United States, too, import a portion of their winter gas supplies as LNG and are staring down their price and supply nightmare this winter.
Unfortunately, it may be a long, cold winter for many in America, but particularly the EU will take the hit from Russia’s reduction of gas exports.
In June, Germany was already preparing an emergency plan after Russia slashed supplies to the country.
Germany has moved closer to rationing gas as it raised the alert level under an emergency plan after Russia slashed supplies to the country.
Russia’s power over these countries’ fuel supplies should awaken Americans and show us that this is why we must become independently self-sufficient for our energy and other commodities and services.
Join me in praying for the innocents who will suffer because of the struggle for power by world governments.
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