U.S. LNG exports to jump to record levels in spring 2023

The U.S. Energy Information Administration (EIA) released its energy outlook.

The report showed that the U.S. natural gas industry would earn more profits in 2023 than in 2022. According to the Freeport LNG company, it is targeting a second-half January restart for the LNG export plant. The plant is expected to return to full operation by March. 

In addition to this, to meet strong gas demand in Europe and Asia, U.S. terminals will continue to run at almost full capacity. The EIA predicts that U.S. LNG exports, most of which come from Texas, will soar to record by March 2023. 

It also forecasts gas production growth. According to the EIA, U.S. gas production will increase by about 2% from 2022.  

The report also revealed that the renewable energy sector will grow in 2022. Renewable energy sources are not fully reliable now (energy production is intermittent). Therefore, it is necessary to keep investing in more reliable energy resources, such as gas.