https://twitchy.com/gregp-3534/2022/06/16/energy-crisis-natural-gas-prices-in-europe-are-up-about-70-so-far-this-week/

Just to follow up on this story from yesterday about the Freeport LNG fuel-export terminal on Quintana Island, Texas and how it won’t be back fully until late 2022, thus raising natural gas prices in Europe while lowering them in the U.S. . . .

. . .natural gas prices in Europe continue to soar this week:

And “benchmark natural gas prices have now risen about **70%** so far **this week**”:

Russia, as you might expect, is taking full advantage of the situation:

You know, maybe our NATO ally Germany shouldn’t have relied so much on NATO rival Russia for its energy needs in the first place?

It sounds like it will be a long winter, Germany:

But it’s not just the export of LNG out of the United States that fueling inflation here at home. We’re exporting refined fuel products, too:

From the WSJ:

A rapid rise in American fuel exports this year has helped push gasoline prices to a record $5 a gallon and is pressuring U.S. prices of natural gas, which hit the highest levels in over a decade earlier this month.

In recent months, companies and commodities traders have shipped more U.S. gasoline and diesel to Latin America and other foreign markets, reaping higher prices than the fuel could fetch domestically. They have also sent more liquefied natural gas, or LNG, to Europe after Russia’s invasion of Ukraine.

In the past, exporting hasn’t been an issue. But now it is:

U.S. exports have had little effect on domestic prices in recent years, as the country enjoyed plentiful supplies lifted by the fracking boom. But the rise in shipments comes as inventories of crude oil and petroleum products have fallen to the lowest levels since 2008. At that time, exports of refined fuels were much lower, and U.S. companies hadn’t yet built major LNG export facilities.

These unusual circumstances are for the first time causing exports to substantially affect what Americans pay for gasoline and natural gas, which makes it costlier to provide heat and electricity to homes, analysts said.

Over to you, President Biden. Is it time to halt exports?

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