Driven by fears that Russia may cut supply to Europe, the EU imported more LNG from the U.S. than pipeline gas from Russia for the first time ever. This insatiable thirst for natural gas has driven prices so high that developing nations can no longer afford the vital commodity. While Europe’s LNG imports have soared by 49% since the start of the year, Pakistan’s imports have fallen by 15% and the country is now suffering blackouts. In June, the European Union imported more liquefied natural gas from the United States than pipeline gas from Russia for the first time ever . The unprecedented shift came as the EU scrambled to fill up its gas storage facilities ahead of the next heating season in fear Russia could turn off the gas tap at any moment. It also pushed LNG prices sky-high, making it unaffordable for developing countries. “Because of the […]