The Energy Atlantic has arrived at Cheniere Energy’s Sabine Pass terminal in Louisiana to ship the first-ever exports of liquefied natural gas from the “lower 48” states. Though regulatory obstacles have eroded, the business climate is now daunting: prices have slumped in Asia and Europe just as large new LNG export facilities are opening in Australia and elsewhere. Liquefying and transporting gas are costly, but—ignoring the capital cost of the terminals—rock-bottom American prices mean companies may still make $2 profit for each million British Thermal Units (28 cubic metres) shipped, reckons Timera Energy, a consultancy. The exports will also change global gas pricing, because American LNG contracts are linked to the Henry Hub benchmark in Louisiana, not the world oil market. Even slim pickings for shippers won’t stop more convergence in global LNG prices as American exports go to the highest bidder.