European demand has shifted the US led industry into high gear, but its capacity is too low, and the climate groups are fighting to stop it. My name is Morningly. I'm going to explain the details. You will know more details and why. As punishment for Moscow's invasion of Ukraine, Europe wins itself of Russian energy and undercontinence. Demand for everything has sold to unprecedented levels.
The US is now the world's largest exporter of natural gas, but the export capacity is automating supply to fill up the demand of Europe and the rest of the world. Prices of natural gas have been sold 25% since Russia announced its not stream one pipeline to Germany would supply only 20% of its capacity, plus another big job in May, around 200 %, since it was fully halted.
And plus another double or triple from last year to May. So if you calculate from last year, it probably is already ten times more than last year for the natural gas price. The continent relies on natural gas for home heating as well as electricity and industrial production. US average daily exports are 3012 percent. In the past six months, UK and EU are receiving 71% of those exports and paying a premium.
For sure. Some exporters even broken contracts with poor countries to renew in the fuel to Europe for higher profits, despite penalties. The cutteries US and Canada are the only future growth areas of LG supply for Europe. But capacity issues on both sides of the supply are limiting america's ability to play the severe.
While President Joe Biden promised in March to export more LND to Europe, the industry is already mixed out additionally, due to previous reliance on pipelines from Russia.