“A few years ago people looked at L.N.G. as a solution to North America’s gas needs,” said Nikos Tsafos, an analyst with PFC Energy, a consulting firm. “But today we see that there is less L.N.G. around than people expected, and there is more competition for that L.N.G. from markets that are willing to pay more than the United States.”

Not long ago, Cheniere was a darling of Wall Street. It was widely praised for having the vision to plan four new liquefied gas terminals around the Gulf of Mexico to connect the country with supplies of natural gas from places like Nigeria and Egypt, gas once considered so worthless it was burned off.

Now the company’s stock price has sunk from $40 to just over $5 since last fall.

“The question that people ask is if L.N.G. doesn’t come to the United States for another year or two or three, what is going to happen to Cheniere,” acknowledged Charif Souki, the chief executive officer of the company.

While natural gas prices in the United States have spiked to over $11.80 per thousand cubic feet from $7.50 at the beginning of the year, the price that gas producers can draw in many other countries in the world is several dollars higher. All they need are terminals in producing countries that can chill natural gas to minus 260 degrees Fahrenheit for shipping across oceans and terminals in consuming countries that can regasify cargoes.

Image Cheniere Energys liquefied natural gas terminal near Cameron Parish in Louisiana is idle, because other countries, like Japan and Spain, are willing to pay more for the fuel. Credit... Michael Stravato for The New York Times

Just about the only place where demand for L.N.G. seems not to be growing is the United States, an abrupt shift from expectations as little as one year ago.

The Sabine Pass terminal was part of an estimated $7 billion construction of eight new L.N.G. receiving terminals being built around the Gulf of Mexico and the Atlantic Coast over the last five years to guarantee plentiful domestic supplies. With imports about 40 percent of the level of a year ago, and national receiving terminal capacity poised to double this year, the excess construction of import capacity has alarmed industry executives.