API welcomed final approval by the Department of Energy (DOE) for exports of liquefied natural gas (LNG) from the Cove Point terminal in Calvert County, Maryland.
“America is now the world’s largest natural gas producer, and this facility will help to harness that strength to create jobs across Maryland and the broader economy,” said API Director of Upstream and Industry Operations Erik Milito. “This is a major milestone for a multi-billion dollar project that has waited years for federal approval. This facility, and others like it, will allow America to be a net natural gas exporter by 2017, according to EIA. U.S. exports will help to bring energy security to our allies, while supporting jobs and economic growth in American manufacturing, construction, energy development, engineering, and other areas.
>“Unfortunately, dozens of other facilities still require permits. With faster approval, we could bring those jobs online even sooner and add billions in economic activity to communities around the country. We applaud the DOE for allowing Cove Point past the finish line, and we urge the administration to continue working with leaders in Congress who are ready to streamline this process and open the doors to free trade.”
According to a study by ICF International, Maryland could see up to $1.6B in state income growth by 2035 from exporting LNG. State employment gains could reach 9,500 jobs by 2035.
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 625 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 25 million Americans.
SOURCE: American Petroleum Institute