Europe will take LNG as it becomes available, but this winter will rely on coal and rationing with Germany paying certain heavy gas users to temporarily shut down.
Norway has increased gas production in the North Sea and the UK continues to delay and Europe has quite a bit of gas in storage.
Existing LNG plants in the US and elsewhere are supplying what they can, with additional LNG plants coming online later this year and next. Next year gas prices will still be relatively high in Europe, but without the rationing for businesses. -- Putin sure is shutting down Russia's future.
The Kitimat LNG project in Canada used to be Chevron's until they realized what a significant cost disadvantage North American LNG production has against Australia, Qatar etc. As a result Chevron got into the business of buying LNG production from hapless LNG producers in North America to sell on as part of long term contracts to European and other customers.
It's preferable for customers to deal with Chevron than some individual LNG plant periodically declaring "Force Majeure" or some other nonsense.
We've run out of other people's Social Security taxes needed to subsidize our low income tax rates.
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