Saudi Press

Saudi Arabia and the world
Monday, Feb 23, 2026

Can America fix Europe's gas problem?

Can America fix Europe's gas problem?

North Atlantic shipping lanes are going to be very busy this year as an armada of US natural gas shipments heads to Europe, helping the continent to reduce its reliance on Russian energy following the invasion of Ukraine.

The Biden administration said Friday that the United States will work with other suppliers to send an additional 15 billion cubic meters of liquefied natural gas (LNG) to the European Union in 2022.

Energy experts say that American LNG export terminals are running red hot this year, putting the Biden administration's goal within reach.

"An increase of 15 billion cubic meters from 2021 levels should be achievable, particularly if we continue to see the strong flows that we have seen so far this year," said commodities strategists at Dutch bank ING.

How much gas are we talking? An increase of 15 billion cubic meters won't come close to replacing Europe's Russian gas imports, which totaled roughly 155 billion cubic meters in 2021.

But it's a start.

"15 billion cubic meters of LNG is a big number. It's equal to about one sixth of Germany's annual gas demand," said Alex Froley, LNG analyst at Independent Commodity Intelligence Services.

Remember: LNG is not shipped through pipelines. Instead the gas is cooled to a liquid and loaded onto ships. Sending an additional 15 billion cubic meters to Europe would mean an extra 150 shiploads crossing the Atlantic.

A US Coast Guard boat moves past the Asia Vision LNG carrier ship docked at a terminal in Sabine Pass, Texas.


It's remarkable that the United States is in a position to help Europe at all.

The United States only shipped its first LNG cargo from the lower 48 states in 2016, and has risen to become the world's top exporter in just six years as a shale gas revolution boosted domestic production and turned the country into a powerful force in global energy markets.

America exported more LNG than rival producers Qatar and Australia for the first time in December. It will be the biggest exporter in the world through 2022 as a whole, according to the US Energy Information Agency.

The United States will add even more capacity in the coming years.

"The US has abundant gas supplies, a broadly favourable political and regulatory environment, and an experienced and capable construction industry, making it one of the most attractive locations to develop new export capacity," Ed Crooks of Woods Mackenzie said earlier this year.

A huge spike in gas prices in Europe was attracting more US shipments even before the Biden administration's announcement on Friday.

The European Union imported more than 12 billion cubic meters of LNG from America in the first three months of the year, up from 4 billion cubic meters in the same period in 2021, according to Froley.

That means the United States is already pacing well ahead of Biden's goal.

Remembering an investing legend


Edward "Ned" Johnson III, who oversaw Fidelity Investments' transformation into a financial services powerhouse and pioneered the sale of mutual funds directly to individual investors, died Wednesday. He was 91 years old.

Johnson served as chairman and CEO of Fidelity Investments, the company his father started, for over 40 years, and transformed the mutual fund manager into the second-largest investment management company in the US and one of the most successful financial services firms in the world.

Success story: When Johnson became president in 1972, Fidelity had $3.9 billion in assets under management. The firm now has $11.1 trillion in assets under administration, as of its February filing.

Johnson helped revolutionize the way Americans save and plan for retirement by making Wall Street more accessible to investors, reports my CNN Business colleague Nicole Goodkind.

In 1974, he broke the mold by selling mutual funds directly to individual investors instead of through traditional brokers. After the 401(k) was created by Congress in 1978, he introduced a retirement fund management system, which is now a foundational element of millions of Americans' retirement plans. As the stock market began a sustained period of growth in the 1980s, Fidelity was the first companies to supply discount brokerage services to individuals. In 1995, it became the first fund company to create a website.

People are searching for electric cars


As gas prices soar and pain at the pump intensifies, consumers are reacting by searching for — and possibly dreaming of — more fuel-efficient vehicles, reports my CNN colleague Rachel Ramirez.

Web search interest in electric vehicles reached a record high in the United States in March, according to Google Trends.

While high gas prices are certainly one reason, Jesse Toprak, chief auto analyst at Autonomy, an EV subscription company, said the new interest is spurred by a combination of factors.

"It's a direct reaction to high gas prices, and on top of that, we're also seeing more and more EV models available to choose from for consumers," Toprak told CNN Business.

Does that mean every Google searcher is shopping for a new EV? Maybe not.

Many people are likely exploring the costs and benefits of these cool-looking, electricity-fueled cars. EVs are still prohibitively expensive for many US households. And rather than shelling out even more money up front, many consumers tend to hold on to their current vehicles for as long as they'll last.

Yet Toprak said the Google Trends search is a good measure of consumer demand, and that it matches what his company has been seeing in recent weeks: increases in inquiries and reservations for electric cars.

"We're also seeing that more customers want to educate themselves, even if they've been on the sidelines so far," Toprak said. "There's clearly an interest in consumers trying to figure out, 'is this a better alternative for me?'"

Up next


US pending home sales data will be published at 10:00 a.m. ET

Also today: Consumer sentiment survey from the University of Michigan.

Coming next week: US jobs report for March; Earnings from BioNTech and Walgreens Boots Alliance.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
United States Approves Over Fifteen Billion Dollars in Major Arms Sales to Israel and Saudi Arabia
Pre-Iftar Walks Gain Momentum as Ramadan Wellness Trend Spreads
Middle East Jackup Rig Fleet Contracts Further After Saudi Drilling Suspensions
Türkiye and Saudi Arabia Prepare to Sign Five Gigawatt Renewable Energy Deal at COP31
King Mohammed VI Congratulates Saudi Leadership on Founding Day, Reaffirming Strategic Ties
US Envoy Huckabee Clarifies Remarks on Israel After Expansionism Controversy
Saudi Arabia Introduces Limited Exceptions to Regional Headquarters Requirement for Foreign Firms
Saudi Arabia Joins Global Partnership on Artificial Intelligence, Elevating Its Role in Shaping AI Governance
Saudi Arabia and Arab States Mobilise Diplomatically After U.S. Envoy’s Israel Remarks
Cristiano Ronaldo Reaffirms His Commitment to Saudi Arabia Amid Transfer Speculation
Proposed US-Saudi Nuclear Deal Raises Questions Over Uranium Enrichment Provisions
Saudi Arabia Sends 81st Aid Flight to Gaza as Humanitarian Air Bridge Continues
Global Games Show Riyadh 2026 Positioned as Catalyst for Saudi Arabia’s Vision 2030
Saudi Arabia Eases Procurement Rules, Allowing Foreign Firms Greater Access to Government Contracts
Türkiye and Saudi Arabia Seal Two Billion Dollar Solar Energy Agreement
Saudi Crown Prince Reportedly Sends Letter to UAE Leader Over Yemen and Sudan Policies
Saudi Arabia Voices Concerns to UAE Over Sudan Conflict and Yemen Strategy
Saudi Arabia Joins Global Artificial Intelligence Alliance to Strengthen International Collaboration
Shura Island Positioned as Flagship of Saudi Arabia’s Ambitious Red Sea Tourism Drive
Saudi Arabia Rebukes Mike Huckabee Over Remarks in Tucker Carlson Interview
OpenAI CEO Sam Altman praises the rapid progress of Chinese tech companies.
Concerns Mount Over Potential Saudi Uranium Enrichment in Prospective US Nuclear Accord
Trump Directs Government to Release UFO and Alien Information
Trump Signs Global 10% Tariffs on Imports
Investability Emerges as the Defining Test of Saudi Arabia’s Next Market Phase
Saudi Arabia’s Packaging Market Accelerates as Sustainability and E-Commerce Drive Transformation
Saudi Arabia’s Strategic Minerals Drive Offers Lessons for Europe’s Supply Chain Ambitions
Saudi Arabia Unveils $32 Billion Push Into Theme Parks and Global Entertainment
Saudi Crude Exports to India Climb Sharply, Closing Gap With Russia
Saudi Arabia’s Halal Cosmetics Market Expands as Faith and Ethical Beauty Drive Growth
United Kingdom Denies U.S. Access to Military Base for Potential Iran Strike
ImmunityBio Secures Saudi Partnerships to Launch Flagship Cancer Therapy
Türkiye and Saudi Arabia Launch Expanded Renewable Energy Partnership
US Supreme Court Voids Trump’s Emergency Tariff Plan, Reshaping Trade Power and Fiscal Risk
UK Intensifies Efforts to Secure Saudi Investment in Next-Generation Fighter Jet Programme
Saudi Arabia Tops Middle East Green Building Rankings with Record Growth in 2025
Qatar and Saudi Arabia Each Commit One Billion Dollars to President Trump’s ‘Board of Peace’ Initiative
Ramadan 2026 Prayer Times Set as Fasting Begins in Saudi Arabia and Egypt Announces Dates
Saudi Arabia Launches Ramadan 2026 Hotel Campaign to Boost Religious and Leisure Tourism
Saudi Arabia Seeks Reroute of Greece-Bound Fibre-Optic Cable Through Syria Instead of Israel
Saudi-Backed Scopely Acquires Majority Stake in Turkey’s Loom Games to Expand Mobile Portfolio
Zodiac Milpro Launches Zid Marine Joint Venture in Saudi Arabia to Expand Regional Shipbuilding
Saudi Arabia Reaffirms Reform Path Amid Claims of Ideological Reversal
Calls Grow for Saudi Arabia and UAE to Settle Differences Through Direct Dialogue
Jensen Huang just told the story of how Elon Musk became NVIDIA’s very first customer for their powerful AI supercomputer
British couple sentenced to 10 years in Iran for espionage
Former British Prince Andrew Arrested on Suspicion of Misconduct in Public Office
Unitree Robotics founder Wang Xingxing showcases future robot deployment during Spring Festival Gala.
Prince William Holds Talks with Crown Prince Mohammed bin Salman During Saudi Visit
Saudi Arabia’s Humain Commits $3 Billion Investment to Elon Musk’s xAI
×