U.S. liquefied natural gas exports to Europe soar as the Ukraine crisis escalates, according to the article published by The Wall Street Journal.
Daniel Yergin wrote in the article that the extraordinary growth in U.S. oil and gas production is a geopolitical and economic asset for the U.S. that contributes to global energy security.
"As the domestic oil-and-gas industry continues to rebound from the spring 2020 price collapse caused by the onset of Covid, the U.S. is again the world's top oil producer—almost 20% above the other two largest producers, Saudi Arabia and Russia—and the world's top natural-gas producer," the expert believes.
"Today there is no doubting the geopolitical importance of America's new oil-and-gas position. The Ukraine crisis and Europe's energy crisis shine a light on the global impact of U.S. oil-and-gas production," he said.
Earlier, British Prime Minister Boris Johnson and US President Joe Biden during a telephone conversation stated the need to reduce European countries' dependence on Russian gas.