U.S. LNG exports could create tens of thousands of domestic jobs while having only minimal impacts on domestic U.S. natural gas prices, a new report for API by ICF International finds. 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.
“Increasing LNG exports is clearly in our national interest and will help the U.S. reach the president’s goal to double U.S. exports,” API President and CEO Jack Gerard said. “The industry is ready to invest in American infrastructure to create jobs and produce more domestic energy as soon as the Department of Energy moves forward with the approval of LNG export applications. Timely approval of LNG exports is crucial if we want to be competitive with international projects rushing to be first to market.”
U.S. LNG Exports: Impacts on Energy Markets and the Economy studies the energy market and economic impacts of LNG export levels of up to 4 billion cubic feet per day (Bcfd), 8 Bcfd, and 16 Bcfd by 2035. Among the report’s findings:
“Allowing the export of LNG would mean more jobs, growth in U.S. GDP, and less debt – key priorities of the American people,” Gerard said. “The government can demonstrate its commitment to addressing these priorities by promptly approving authorizations to export LNG.”
[mappress] LNG World News Staff, May 16, 2013