Hi flipflop21….I’m not going to bother looking into what growing percentage of gas we NEED to import, how many days supply we can store at any on time (and may I remind you of my quote “with Russia supplying most of Europe in gas”), but it’s a market ‘supply and demand’ fact – if Europe can not get ITS gas from Russia, the price will/is shooting up – and without the ability to store the stuff, our economy will be susceptible to volatile price swings, especially coming up to winter months.
Now I have no idea where, how, or the cost (and who would pay for it) of significantly increasing our gas storage capacity - and how long it would take to clear all the pressure groups who’d worry about their views, the danger of explosions, nesting Greebs(?) and haven knows what else – but it is not scare mongering if western Europe has to rely on Russia and Iran’s proven reserves and pipelines for its energy, it’s a geopolitical FACT.
Furthermore, there is no way anyone in government or the private sector will consider the prospects of boosting storage, IF we can harvest our own shale gas, so the sooner we find our IF it is viable and IF it is safe to extract, the better it will be for all the people that rely on gas and are concerned about price spikes, as detailed below. Hoping political/energy risk crisis only happen after a winter during low demand, is not a realistic policy.
www.bloomberg.com/news/2014-03-03/natural-gas-rises-second-day-on-winter-storm-ukraine-escalation.html
“Natural gas for April delivery fell 11.7 cents to $4.492 per million British thermal units on the New York Mercantile Exchange, the lowest settlement since Jan. 21. Volume for all futures traded was 27 percent below the 100-day average at 2:55 p.m.. Prices are up 6.2 percent this year”.
“The futures tumbled 25 percent last week, capping the biggest one-week drop since 1996 and the first monthly decline since September. Prices reached $6.493 on Feb. 24, the highest intraday price since Dec. 2, 2008.”
Those are real price moves, not "scaremongering".