Cheap US gas is a thing of the past for energy-starved Europe as inflation pushes up costs, Texas energy boss says

Europe can no longer rely on cheap natural gas imports from the US as it grapples with an energy crisis, the cofounder of a Texas-based LNG company has reportedly warned. "Because of that, dreaming about the days when you could get gas on the water for $4-$5 is something of the past," Souki told the Energy Intelligence Forum on Tuesday, Energy Intelligence reported. Europe is facing a major energy crunch this winter and is scrambling to replace the natural gas volumes lost after Russia halted gas flows via Nord Stream 1. The US has stepped up to provide liquefied natural gas to Europe to help it meet its winter gas storage targets, and it became the world's largest LNG exporter during the first half of 2022, according to the EIA. US shipments of gas made up more than 70% of Europe's imports in the year to September. The head of the International Energy Agency, has warned that gas supplies will be squeezed next year as China emerges from COVID-zero curbs and steps up its competition for available gas. Europe is already paying two to three times the price for natural gas that Asian buyers are putting up, according to Greece's prime minister Kyriakos Mitsotakis. Tellurian's Souki said investment in US gas projects could be Europe's way of managing its access to supplies.