April 26, 2023
Source: The Guardian
As the war in Ukraine sent natural gas prices skyrocketing, liquid natural gas (LNG) plants are springing up all along the fragile Gulf Coast – seriously harming not just local communities but the world’s ability to keep the entire climate crisis at bay.
The economic justification for building all of these terminals was turbocharged by the war in Ukraine, which doubled the price of LNG. According to one analyst’s calculations, last year a single shipload of LNG on the spot market could have earned a profit of up to $200m. The high prices led to a rush of development. It has been forecasted that $42bn in LNG infrastructure will be built worldwide next year – up from $2bn in 2020.