
The Freeport LNG export facility will be fully out of commission until September and will not be fully up and running until late this year, the company said yesterday following an explosion at its Quintana Island liquefaction facility last week. The company had initially said the plant would be shut down for three weeks, and the announcement sent shockwaves through an already-volatile methane-based gas market.
Gas futures fell dramatically in response to the news, reflecting how high gas prices in the U.S., a major driver of inflation while firms reap record profits, have been driven by the increased export of LNG. (European gas prices spiked in response to the news.) It also significantly affects the Biden administration’s efforts to export more liquified methane-based gas to Europe. The facility accounted for about one-fifth of U.S. exports.
Sources: Reuters, CNBC, Bloomberg $, The Hill, OilPrice, Politico Pro $, Wall Street Journal $; European implications: New York Times $, E&E News, FT $
Related: Methane At Sea: Finding The Invisible Climate Killer, So-Called “Green” (LNG) Ships
Featured image from Massive Methane Leaks By The Oil & Gas Industry Detected From Space
I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...
Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
