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US accuses European companies of excessive profits because of Russia

November 8, 2022
in Daily News
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US authorities and energy companies have entered into a correspondence dispute with their European counterparts about who has benefited more from the sharp reduction in gas supplies to Europe. The US government rejected the accusations of European colleagues about "profiting from the Europeans" and, on the contrary, considers the main beneficiaries of energy traders who reported record incomes against the backdrop of the crisis. The details of the verbal conflict are given by the British Financial Times.

The American authorities decided to remind that the average price for gas in the USA is much lower than in Europe, which was taken advantage of by the leaders of the European energy trading market. Advisor to the US Secretary of Energy Brad Crabtree insists that European traders who had long-term contracts for the supply of liquefied natural gas (LNG) from the United States made super profits because the price in long-term contracts is much lower than current market realities.

“Companies that hold these long-term contracts with US LNG producers mark up and earn that margin in the European market. This is not an American LNG company, these are mainly international oil companies and traders headquartered in Europe, ”Crabtree said in a conversation with the publication.

The publication clarifies that the existence of long-term contracts for the supply of LNG from the United States among European companies is known in relation to BP, Shell, Glencore and Vitol. The US official's words are backed up by company reports, with Britain's BP reporting an "exceptional profit" of $8.2 billion, highlighting the profitability of its gas trading unit. Similarly, the world's largest LNG trader, Shell, which posted a $30 billion profit in three quarters, can now renew its earnings record, which was set in 2008, when the company's profit exceeded $31 billion.

European prices are currently hovering around $25 per million British thermal units (Btu), in the summer similar volumes were trading at prices above $70, all the while the domestic gas price in the US fluctuated within the range of $5 to $10 per million Btu. Crabtree expressed dissatisfaction with discussions that the United States is allegedly profiting from Europe, assuring that the United States came to Europe's aid and supplied gas to the continent at reasonable prices.

“Therefore, we are especially concerned that the discussion in Europe is presented as if we have some control over the profits that we make from our LNG, because we do not,” he added.

Moreover, the representative of the US government stressed that the US views LNG as a maximum medium-term mechanism aimed at ensuring Europe's energy security. In the long term, the US is committed to the global goal of zero emissions by the middle of the 21st century, Crabtree said. European officials, including, for example, French President Emmanuel Macron, have criticized the US authorities for too high prices for LNG supplies from the United States. European Commission President Ursula von der Leyen and US President Joe Biden agreed to increase US LNG exports to Europe in March 2022.

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