API Urges Focus On The Strategic Importance Of U.S. LNG Exports
Recent unrest in Ukraine has sparked renewed calls for the Department of Energy to quickly approve long-delayed exports of U.S. liquefied natural gas (LNG). API Director of Upstream and Industry Operations Erik Milito welcomed the focus on LNG exports and reiterated that U.S. exports would serve as a valuable option for U.S. allies in Europe and around the world.
“Our allies in Europe are eager for a reliable partner to enter the marketplace as a stable, secure source of natural gas, and American industry is ready to make that happen,” said Milito. “Thanks to the U.S. energy revolution, America is now the world’s leading producer of natural gas, which means that our LNG exports could significantly strengthen the global energy market against crisis and manipulation. That’s a win-win for our economy and for our friends.
“Unfortunately, the slow pace of federal approval for U.S. LNG export facilities has stalled the construction of infrastructure, weakening our competitive position. Accelerating that regulatory process would not only reduce our trade deficit and create jobs here in the U.S., it would bolster the geopolitical power of the U.S. and provide security to our allies.”
Milito also cited a recent study of U.S. job gains and economic growth associated with future exports of LNG. According to the report, by ICF International, the economic benefits of LNG exports will extend far beyond natural gas-producing states, driving national job growth and increasing demand for U.S. steel, cement, equipment, and other goods.
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API’s more than 580 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 20 million Americans.