US can replace Russian gas supply

Toby Rice, the CEO of the largest natural gas producer in the US, EQT, has suggested that the US could easily replace Russian supply.

“We’ve got the ability to do more, the desire to do more,” Rice told the BBC.

He estimated the US has the potential to quadruple its gas output by 2030.

Rice’s declaration that American companies could play a bigger role in providing gas to Europe, comes less than a week after US Energy Secretary Jennifer Granholm urged the country’s fuel industry to pump more oil.

Rice said political opposition to building pipelines and export facilities – partially driven by environmental concerns – is primarily preventing his industry from helping Europe end its reliance on Russian gas.

He called on the Biden administration to streamline the process for getting pipeline projects approved, adding he is  looking for a “signal this administration recognizes the American oil and gas industry as a strategic powerhouse.”

An obstacle to US ambitions to export more liquefied natural gas is a shortage of export facilities. US terminals are shipping close to capacity.

There are currently eight terminals operating in the United States, with 14 more projects approved for construction.

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