The American LNG Bazooka and the Quiet Rethink of Europe’s Largest Gas Field

At present, Europe is still telling itself a very comforting story. The main theme is that the Russian gas shock has been absorbed, storage is full, and prices are manageable. At the same time, politicians keep stating that diversification has delivered “energy independence.” While repeating this with confidence doesn’t, however, make it true. Behind all these political slogans, Europe’s gas strategy is increasingly showing that it has been built on a fallacy. The latter is clear and steadily unravelling. At present, a new,…