Approval Of Remaining LNG Export Permits Can Help Boost U.S. Economy
Washington – API Director of Upstream and Industry Operations Erik Milito welcomed today’s authorization by the Department of Energy for exports from the Cove Point liquefied natural gas (LNG) facility as a sign that the agency may be moving more quickly to process the remaining 15 applications to export LNG to countries that do not have free trade agreements with the United States.
“This demonstrates progress toward an enormous opportunity for the administration to bolster job creation and economic growth. The shale gas revolution has fundamentally changed the energy equation, positioning the United States as an energy superpower that can provide ample, affordable supplies to the domestic and international markets, and in a way that has helped reduce carbon dioxide emissions to near twenty-year lows.
“We continue to urge Energy Secretary Moniz to oversee expeditious review and approval of the remaining U.S. LNG export permit applications.”
Timely approval of LNG export authorizations could create tens of thousands of domestic jobs while having only minimal impacts on domestic U.S. natural gas prices, according to a recent report by ICF International. The report also concludes that LNG exports would spur strong growth in U.S. GDP but that U.S. companies would face considerable competition for LNG sales abroad, with at least 63 international LNG export projects currently planned or under construction.
API is a national trade association that represents all segments of America’s technology-driven oil and natural gas industry. Its more than 550 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation’s energy. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy, delivers $85 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.
SOURCE: American Petroleum Institute