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February 27, 2024
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US energy firms use Ukraine war to lock in long-term gas contracts

Oil and gas companies seek expansive contracts to tackle short-term problem of tight European gas supply

American oil and gas companies are pushing to solve the short-term problem of a tight European gas supply, driven by Russia’s invasion of Ukraine, with long-term liquefied natural gas (LNG) contracts, a new report shows.

The US fossil fuel industry has locked in 45 long-term contracts and contract expansions since the start of the war, according to research by Friends of the Earth, Public Citizen and BailoutWatch. That’s a major increase from the 14 such contracts signed in 2021.

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