Europe gas

As the world entered the new century the fear was that the supply of oil was running out. Then in the early 2000’s a new technology called fracking came on line and the supply of oil increased. Along with fracking for oil came a large amount of natural gas. This brought the price of natural gas down to record lows. Much gas was burned off in the oil fields and this led to the building of liquid natural gas export terminals. The first was constructed in 2016. Since then, 7 more have been constructed with two more on the drawing board. In the past nine years the exports of LNG have increased from .5Billion cubic feet per day to 12Bcf/d a 24-fold increase. These exports came just at the time that Europe cut its ties with Russia for natural gas. Today Europe gets 45% of its natural gas from the US.