• 1 day This Will Be the Answer From China On U.S. Tariffs
  • 20 hours Bad News For The Climate: Coal Burning, And Carbon Emissions, Are On The Rise Again
  • 8 hours China's Yaun/Gold backed Futures contracts
  • 1 day France Terrorist Attack?! At Least One Dead In French Supermarket Hostage-Taking
  • 2 days Twitcoin....
  • 2 days Snowden Reveals Bitcoin Transactions Being Tracked by NSA
  • 1 day U.S. Charges, Sanctions Iranians For Global Cyber Attacks on behalf of Tehran. What about sanctions on Russia?
  • 19 hours Canada Bent On Ruining Its Oil Industry
  • 3 days Elon Musk’s $2.6 Billion Tesla Challenge
  • 1 day The Facebook/Cambridge Analytica Scandal
  • 1 day Surprise! Aramco Scraps International Listing Plans
  • 20 hours Country With Biggest Oil Reserves Biggest Threat to World Economy
  • 2 days Getting out of oil .. now
  • 2 days EU Proposes Online Turnover Tax For Big Tech Firms
  • 3 days U.S. Judge To Question Big Oil On Climate Change
Will China’s New Oil Futures Flop?

Will China’s New Oil Futures Flop?

China’s historic oil futures contract…

U.S. Electricity Sales Fall Again

U.S. Electricity Sales Fall Again

2017 was another down year…

U.S. To Move LNG to Help Europe

U.S. Secretary of Energy Ernest Moniz indicated that the U.S. will approve more LNG export licenses in an effort to enhance the energy security of Europe. In an interview with Bloomberg News, Sec. Moniz said two more LNG export applications will be approved “fairly soon.”

The interview occurred in Rome shortly after his visit to the G-7 conference. Representatives at the G-7 agreed to a call for greater energy diversity, including renewable energy and energy efficiency. Beyond that, there was disagreement. For example, some countries prefer more nuclear power, greater interconnections between EU member states, shale gas, or LNG.

For his part, Sec. Moniz suggested that the U.S. would send more LNG to Europe in the coming years. “They asked me what was our plan with LNG exports, and I told them what our process is and where we are,” Moniz said. “The expectation is that the United States will become a substantial natural gas exporter towards the end of this decade.”

Related Article: Israeli Set To Become Major Exporter Of Natural Gas

His comments suggest that the Obama administration is putting much greater weight on geopolitics than in the past. The U.S. must decide whether or not individual LNG export terminals are in the “public interest,” but for many of the permits approved last year, that often centered around the economic impact. After the flare up in tensions between Russia, Ukraine, and the West, many members of the U.S. Congress have called on greater LNG exports to help Europe reduce its dependence on Russia. Sec. Moniz’s comments point to the fact that the Obama administration agrees.

Still, U.S. LNG exports could be years away. In the meantime, Europe will need to find its own way to enhance its energy security. “No one expects that we can reduce Europe’s dependency overnight,” U.K. Energy Secretary Ed Davey told Bloomberg News. “There’s clearly a lot of investment we can do in everything from energy efficiency to renewables to nuclear, as well as other forms of gas.”

By Joao Peixe of Oilprice.com

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News