Biden To Rely On Foreign Energy Companies To Fulfill His Commitment To Supply Europe With LNG

President Joe Biden intends on fulfilling his commitment to supply Europe with liquified natural gas (LNG) by negotiating with foreign companies, rather than increasing U.S. production, to fill the need.

The U.S. and the European Commission released a joint statement on Friday expressing a commitment “to reducing Europe’s dependency on Russian energy” and announcing a new partnership to do so.

“The United States, together with our international partners,” Biden said at a press conference on Friday, “we’re going to work to ensure an additional 15 — one-five — 15 billion cubic meters of liquified natural gas — LNG — for Europe this year.”

“And as the EU works to discontinue buying Russian gas well before 2030, it will also work to ensure additional EU market demand for 50 billion cubic meters of LNG from the United States annually by 2030,” he continued.

The Biden administration plans to meet the need, at least in the short term, by relying almost completely on foreign LNG producers to route some of their product to Europe rather than elsewhere, such as Asia.