This has been tried in Switzeland circa '09 and produced earthquakes. https://www.google.com/amp/s/amp.theguardian.com/world/2009/...
But it it provides vast amounts of energy. The US gov cares about different things.
Some Texans may die, but it's a sacrifice we are willing to make.
How are gas prices in Europe these days?
I'm not sure how the tax breakdown works in Texas, but I'd not be surprised if it'd be one of the main drivers of the price difference.