The U.S. is barreling toward the sort of energy supply crisis that is gripping Europe unless the Biden administration comes up with a more coherent energy policy, warns Charif Souki, the executive chair of LNG developer Tellurian.

“You can see if you don’t have a very careful energy policy, what happens is exactly what happened in Europe. You go with misguided priorities and then all of a sudden you hit a wall because you don’t have supply,” Souki told the Financial Times.

Natural gas and electricity prices have spiked in the U.K. and across Europe to all-time highs. The surging prices threaten to undermine the nascent economic recovery as the region scrambles to secure supplies amid low inventory levels and rising demand. Some are warning the lights could start to go out if there is an especially cold winter and demand surges.

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