US natural gas emerging as rival to Russia in Europe

US natural gas emerging as rival to Russia in Europe

New York: The growth of shale gas extraction is positioning the United States to be a bigger natural gas exporter, potentially challenging Russia’s hold on the European market.

Russian exports to Europe remain a foundation of the continent’s economy, accounting for about 41 percent of supply in the first quarter of 2017, according to the European Commission.

But US sanctions signed last week by President Donald Trump are expected to hit Russia’s energy production, potentially crimping supplies to Europe.

The sanctions come as US energy output continues to surge. US natural gas production has been rising more quickly than consumption since 2005, positioning the country to become a net exporter of energy next year, according to the Department of Energy. Read more

 

Credits:- Economictimes

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