Economics
Biden’s Energy Marshall Plan for Europe Is No Quick Fix
Facilities to export and receive liquefied natural gas cost billions of dollars and take years to build.
Venture Global LNG’s Calcasieu Pass export terminal in Louisiana.
Photographer: Bryan Tarnowski for Bloomberg BusinessweekThis article is for subscribers only.
Russia’s invasion of Ukraine has thrust liquefied natural gas into the international spotlight.
LNG is natural gas that’s been chilled to a liquid so it can be loaded onto huge tankers and shipped to countries that use it for heating and power generation. While demand for the fuel has soared in Asia, Europe has been slow to embrace it as an alternative to cheaper, piped natural gas from Russia, which supplies 40% of its needs.