Gas-Starved Europe Can't Look West as U.S. Faces Its Own Crunch
Americans are likely to see the highest energy bills in years after shale drillers slowed their production expansion while demand spiked.
If there's any country that might've been in a position to rescue Europe from its energy crisis, it’s the U.S. — home to vast shale fields holding a seemingly endless supply of natural gas and giant terminals capable of liquefying it and shuttling it abroad.
Instead, for a multitude of reasons, U.S. shale is in no position to bail out Europe. Indeed, supplies are so tight that Americans are staring down their own supply squeeze — and the accompanying sky-high utility bills.
U.S. stockpiles haven’t been replenished as much as usual in recent months after summer heatwaves sent energy demand soaring and the post-pandemic industrial recovery diverted fuel to power plants and factories. Meanwhile, many major shale drillers have been funneling cash to shareholders and focusing on climate goals rather than boosting production.