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petros

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EU Inks LNG Deal With U.S. To Replace Russian Gas​

By Irina Slav - Mar 25, 2022, 9:00 AM CDT
The European Union and the United States have announced a deal for more U.S. liquefied natural gas exports to the EU as the latter seeks to replace Russian supplies, on which it is dependent.

According to the terms of the deal, the United States will deliver at least 15 billion cubic meters of liquefied natural gas to the EU this year more than previously planned, the White House said in a fact sheet. For context, Russia exported over 59 billion cubic meters of natural gas to Germany alone last year, a record high.

"The European Commission will work with EU Member States toward the goal of ensuring, until at least 2030, demand for approximately 50 bcm/year of additional U.S. LNG that is consistent with our shared net-zero goals. This also will be done on the understanding that prices should reflect long-term market fundamentals and stability of supply and demand," the fact sheet also said.
Meanwhile, U.S. LNG exports to the continent have increased drastically, with as much as 70 percent of them going to Europe in the past two months, up from a previous 30-percent share, according to Evercore ISI.

"The recently announced EU energy supply reconfiguration could be the largest change in European energy consumption since the end of the Second World War," said Evercore ISI analyst Sean Morgan earlier this week, as quoted by American Shipper.

According to other analysts, U.S. LNG producers cannot produce all the LNG Europe will need, so they will need to redirect cargo from other buyers to satisfy Europe's gas demand.

"We expect near-term measures to support European LNG imports to rely on the reallocation of existing supply," Goldman Sachs said in a recent report cited by Reuters, adding that "such a relocation to Europe is already happening." The reallocation was made possible by record-high gas prices in Europe, which have also made U.S. LNG competitive with pipeline gas.
Yet a lot of U.S. LNG is already contracted, one analyst noted, so European buyers will have to pay even higher prices.

"But almost all of it [LNG] in the U.S. already belongs to somebody. It is under contract," the head of business development at energy and shipbrokers Poten & Partners told Reuters. "If Europe wants more LNG, they are going to have to pay for it," Jason Feer said.
By Irina Slav for Oilprice.com
 

B00Mer

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www.getafteritmedia.com

EU Inks LNG Deal With U.S. To Replace Russian Gas​

By Irina Slav - Mar 25, 2022, 9:00 AM CDT
The European Union and the United States have announced a deal for more U.S. liquefied natural gas exports to the EU as the latter seeks to replace Russian supplies, on which it is dependent.

According to the terms of the deal, the United States will deliver at least 15 billion cubic meters of liquefied natural gas to the EU this year more than previously planned, the White House said in a fact sheet. For context, Russia exported over 59 billion cubic meters of natural gas to Germany alone last year, a record high.

"The European Commission will work with EU Member States toward the goal of ensuring, until at least 2030, demand for approximately 50 bcm/year of additional U.S. LNG that is consistent with our shared net-zero goals. This also will be done on the understanding that prices should reflect long-term market fundamentals and stability of supply and demand," the fact sheet also said.
Meanwhile, U.S. LNG exports to the continent have increased drastically, with as much as 70 percent of them going to Europe in the past two months, up from a previous 30-percent share, according to Evercore ISI.

"The recently announced EU energy supply reconfiguration could be the largest change in European energy consumption since the end of the Second World War," said Evercore ISI analyst Sean Morgan earlier this week, as quoted by American Shipper.

According to other analysts, U.S. LNG producers cannot produce all the LNG Europe will need, so they will need to redirect cargo from other buyers to satisfy Europe's gas demand.

"We expect near-term measures to support European LNG imports to rely on the reallocation of existing supply," Goldman Sachs said in a recent report cited by Reuters, adding that "such a relocation to Europe is already happening." The reallocation was made possible by record-high gas prices in Europe, which have also made U.S. LNG competitive with pipeline gas.
Yet a lot of U.S. LNG is already contracted, one analyst noted, so European buyers will have to pay even higher prices.

"But almost all of it [LNG] in the U.S. already belongs to somebody. It is under contract," the head of business development at energy and shipbrokers Poten & Partners told Reuters. "If Europe wants more LNG, they are going to have to pay for it," Jason Feer said.
By Irina Slav for Oilprice.com

Never mind Biden already it would take 5 years or better to get the ports up and running to ship LNG 😂
 

Ron in Regina

"Voice of the West" Party
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Interesting. Oh what a tangled web we weave when…etc…
1648299154693.png
It’s layered and convoluted enough that, who knows? Interesting though.
 
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petros

The Central Scrutinizer
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Interesting. Oh what a tangled web we weave when…etc…
View attachment 12906
It’s layered and convoluted enough that, who knows? Interesting though.
Good digging.
 
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Ron in Regina

"Voice of the West" Party
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Your logic is flawed.
My logic? My opinion is that this is layered & convoluted, probably intentionally so, to confuse the issue of funding sources, so who really knows what’s happening here, but makes it interesting.

Without trying to put words in your mouth, how so is this opinion flawed? Either this Klein LTD is (or isn’t) funneling $$$ from Russia to Environmental Groups in North American, but it’s confusing enough to be weaponized politically by both sides of the issue. That’s what makes it interesting in my opinion. Is that what’s flawed or are you looking at this from a different perspective?
 
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spaminator

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A man shopping at Tesco is seen stocking up on cooking oil and pouring it into his vehicle.
A man shopping at Tesco is seen stocking up on cooking oil and pouring it into his vehicle. PHOTO BY SCREENSHOT /Facebook/Mark Rainford
WITH RISING GAS PRICES, MAN TURNS TO COOKING OIL AS FUEL?

As the price of gasoline continues to rise, some are turning to alternative fuel sources to power their vehicles.

In a video posted on Facebook on March 15 by U.K. resident Mark Rainford, an unidentified man can be seen with a shopping cart full of bottles of cooking oil that he purchased at supermarket Tesco in Congleton, England. The man then proceeds to pour said cooking oil into his vehicle.

“What fuel prices?” Rainford captioned the video, which has garnered more than 378,000 views, 1,300 likes and 2,300 comments.

In an interview with Cheshire Live, Rainford said he started filming after witnessing the man removing the lids off the cooking oil bottles, which made him laugh.

“He had clearly thought it through,” said Rainford.

It’s not known whether the man didn’t know that cooking oil won’t work in petrol engines, or his vehicle had a fuel converter that would accept it. Either way, the peanut gallery on Rainford’s video had a field day with their opinions.

“A lot of the old diesel engines are capable of running on cooking oil,” said one person.

“Does he know something we don’t been buying fuel years and knowing my luck cooking oil will work,” another weighed in.

“Don’t go putting veg oil in your car or van unless it’s old type diesel engine. You’ll f— your engine up, it’s too thick and you’ll blow the diesel pump up. And especially don’t put it in a petrol car/van,” one stated.
1648455254050.png
 

Ron in Regina

"Voice of the West" Party
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The fact that Biden or his administration shut down the Keystone on day 1 of his term says a lot. It will now bite them and us in the ass. It might not have changed prices etc, but the fact that the US and Canada are dependant on something we need is huge.
It’s been clear for some time now that one of the West’s greatest weaknesses is its reliance on unscrupulous dictators for energy. It was only a matter of time before the status quo evolved from an inconvenient fact to an all-out crisis.

Yet, rather than plan for this inevitability, the Biden administration went for the easy, environmentalist-pleasing headline by kiboshing Keystone XL. Now, instead of having access to more oil from a democratic and free neighbour, Biden is begging a barbarous regime for help. Rather than standing up for human rights and democracy around the world, Biden will simply substitute one bad actor for another.

Moreover, rather than give a much-needed economic boost to America’s largest trading partner and so-called closest ally, the United States will funnel money to its adversaries.

Would it be better if we didn’t rely on oil at all and transitioned to greener energy sources? Absolutely. However, there’s no realistic universe where that transition would’ve happened quickly enough and broadly enough to render Keystone XL unnecessary.
 

Tecumsehsbones

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Considering reasonably reliable Western-friendly countries have 12-25% of the world's proven petroleum reserves, arguing that we should source only from Boy Scouts is unrealistic.

Especially since the U.S. refining capacity (by far the greatest in the world) is in private hands, and buys oil from where it is cheapest overall. Are you suggesting that governments should severely limit the ability of private businesses to do their business according to their best business judgment?
 

petros

The Central Scrutinizer
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Considering reasonably reliable Western-friendly countries have 12-25% of the world's proven petroleum reserves, arguing that we should source only from Boy Scouts is unrealistic.

Especially since the U.S. refining capacity (by far the greatest in the world) is in private hands, and buys oil from where it is cheapest overall. Are you suggesting that governments should severely limit the ability of private businesses to do their business according to their best business judgment?
Its not about from where its cheapest, its the grades of oil a refinery is capable of using as feedstock. There are TX and LA refineries that cant process oil from California and so forth.
 
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