The mechanism: Every molecule of U.S. natural gas that leaves the country as LNG bound for a non-free-trade-agreement nation — which is most of the world, including Europe and Asia — needs a permit from the Department of Energy's Hydrocarbons and Geothermal Energy Office (formerly the Office of Fossil Energy). After the Biden administration's 2024 pause and a subsequent court injunction, DOE has spent 2026 working back through the backlog, issuing long-term non-FTA authorizations for Corpus Christi Stage 3, Plaquemines expansions, and CP2. Each order is a government-issued license to sell American gas at global prices instead of the discounted domestic price. That's not a diffuse macro tailwind — it's a permit with a docket number, a named terminal, and a named operator.
Who cashes in: