API Calls on DOE to Speed Up U.S. LNG Export Approvals

API Chief Economist John Felmy told reporters Thursday that exporting some of the nation’s massive natural gas resources would spur additional energy production, job creation and economic growth and that the U.S. Department of Energy should promptly approve pending applications for authorization to export natural gas

“Allowing our oil and natural gas companies to supply other markets through exports is indisputably in our national interest, and the U.S. Department of Energy should approve pending applications for authorization to export natural gas without delay. Natural gas exports would increase investment in U.S. natural gas development by many billions of dollars annually. This would lead to new hiring in the natural gas industry and across the economy, bolstering the nation’s employment levels and increasing economic growth. This upsurge in development also would boost revenues to the government, and exports would reduce our nation’s trade deficit.

“A 2012 NERA study issued by the Energy Department says that more natural gas exports would be good for the economy, and multiple analyses from the Brookings Institution, Deloitte, the Baker Institute, and the Hamilton Project as well as from NERA conclude that any price increases from allowing exports would be small, and offset by other economic gains from greater production spurred by U.S. producers serving wider markets.

“Allowing the export of LNG is a win for the U.S. economy in the same way exporting our agricultural products, industrial machinery, pharmaceuticals, electronic equipment, chemicals, and thousands of other commodities and products is a win. It would mean more jobs and growth and less debt – key priorities of the American people.”

[mappress]
LNG World News Staff, January 18, 2013; Image: CLNG