How Putin handed America the keys to the world’s energy market

He argues that breaking that reliance will bring other benefits, particularly in energy security.

“The case for clean energy is now also a case for energy independence, energy security and lower bills,” Miliband said last week. “That was graphically and tragically demonstrated by the invasion of Ukraine, where we were in the grip of Vladimir Putin.”

However, industry experts warn that Miliband’s plans, which include banning new oil and gas licenses in UK waters, may make the nation even more reliant on LNG and other imports.

That’s because 180 of the UK’s 284 oil and gas fields are expected to cease production in the next five years, and with no one new ones to replace them, domestic production will dwindle by 2030.

LNG is largely expected to fill that void.

Experts describe how the industry is already preparing for a boom in demand by spending billions of pounds on new LNG terminals and fleets of ships to ferry fuel around the world.

Those ships are already some of the world’s largest vessels, with some capable of carrying enough gas to supply the entire UK for almost a full day.

The IGU report said many more of those vessels were under construction.

“The global LNG shipping order book had a staggering 359 newbuild vessels under construction at the end of February 2024, equivalent to over 51pc of the current active fleet.

“This illustrates shipowners’ expectations that LNG trade will continue to grow in line with scheduled increases in liquefaction capacity, particularly from the US. An expected 77 carriers will be delivered in 2024.”

America’s LNG production to triple by 2050

As for where that gas comes from, much of it will be American.

The US Energy Information Administration predicts America’s LNG production alone will triple by 2050 – no matter what the environmental groups say.

America is now even supplying the Middle East, as Sempra, a US energy firm, recently struck an agreement with Saudi Arabia’s Aramco to supply 5m tonnes of LNG a year.

The size of the expansion expected in global LNG trade is evidenced by the fact that 700m tonnes are to be delivered by 2030, up from 401m tonnes today.

“This potential massive increase is an emphatic demonstration that the world still needs more LNG,” said the IGU.

This will be music to the ears of America’s LNG producers, which stand ready to ramp up exports as Russia drifts further into the geopolitical abyss.