Explainer-Should Europe use more long term LNG contracts?

Did Europe gamble its energy security? Yes, it did. Would having long-term contracts for more volumes in place right now help assuage the gas crisis? No doubt there would be lower prices and less drama. But long-term contracts are just one part of the picture and not even the most important one. Europe could have easily filled its gas storage capacity last summer when gas was less expensive. But a continent that looks much more at trading volumes for money than supplying consumers and industries with gas did not find that worthwhile. There are many ways to ensure supply security. Long-term contracts are just one of them.

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