the dirty game of the USA – Libero Quotidiano

the dirty game of the USA – Libero Quotidiano
the dirty game of the USA – Libero Quotidiano
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Fausto Carioti

September 17, 2022

On 25 March, in Brussels, Joe Biden announced that the US and the EU had agreed on a “joint game plan” to reduce European dependence on gas Russian. Understanding, he explained Ursula von der Leyenconcerned the supply of “at least 50 billion cubic meters of US LNG up to 2030”. Mario Dragons he confirmed that, after sending the first 15 billion cubic meters of liquid gas, the US had “committed to offer another 50 billion.” In short, a political and economic agreement. At Washington’s request, Europe gave up Russian gas; in exchange, the Democratic president pledged to help her, pushing US companies that extract shale gas, the methane trapped in deep rocks, and transform it into liquid form, to divert significant quantities to EU countries. American entrepreneurs would have made money, European consumers would have relieved some of their thirst for gas: it seemed convenient for everyone.

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TIME AND INVESTMENTS
That things were not going to be easy, it became clear after a while. American fossil energy companies, moreover traditionally linked to the Republican Party, do not move under Biden’s orders. And the announcements and handshakes are not enough to increase the extraction of hydrocarbons: it takes time, investments, new facilities, manpower and the certainty that all this will pay off. Efforts that must be made not only on the American side of the Atlantic, but also on the European side. Thus, yesterday, an investigation by the Financial Times certified the death of hopes born six months ago: “The shale gas bosses warn that the United States cannot save the EU,” announces the British newspaper. “Company executives say they cannot increase oil and gas supplies in time to stop the winter energy crisis.” The “chief executives” of the private groups who were supposed to guarantee Europe the supplies promised by Biden are speaking. The head of Quantum Energy Partners, one of the largest investors in the extraction of hydrocarbons from rocks, warns that “the United States cannot pump much more. Our production is what it is ». And therefore “there is no bailout coming” for Europe, “not on the oil side, not on the gas side”. Also because “Europe does not have ports for LNG, regasification capacity, gas pipelines. If one were to haul cargo over there, I don’t know what he would do with it. ‘ The gist of his speech is that the Europeans “are screwed.” His colleague at the head of Pioneer Natural Resources, a major oil producer, when asked if he expects a large increase in production from the US shale industry, replies that “no, I don’t see it coming. We are not adding rigs and I don’t see anyone doing it. “

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LITTLE GAS, LOTS OF PROFITS
Nor are new investments on the way. The head of the Kimmeridge Energy group, which specializes precisely in financing companies in this sector, explains that “Wall Street investors would not give their blessing to a large increase in production, because they prefer a model of low production and high profits”. It would be up to Biden to send the right signals to reluctant companies. But his administration is doing just the opposite, says the head of Greenlake Energy Ventures, another group specializing in investments. In Washington, “there was no strategic planning. Nobody spoke up and said: “How can this be done?”. We contacted the government, and received mixed messages ». In short, there is no shortage of gas and oil under the soil of the United States. But chili must extract it will do so without haste and almost exclusively for the benefit of American families and businesses, at least until Biden finds a way to respect the commitments made with Europe.

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