LNG Exports Huge Plus for US Economy, API Tells DOE
Exporting some U.S. natural gas in the form of LNG would be an unequivocal plus for American workers and the economy, API’s group director for upstream and industry operations Erik Milito told reporters Sunday just before API submitted its second round of comments on the issue to the U.S. Department of Energy:
“The bottom line is that the arguments for exports are even stronger than before. An energy revolution is underway in the United States. New technology and the use of that technology are showing we have vastly more energy potential than we thought we had even just a short time ago. The U.S. is awash in natural gas with huge additional productive capacity that could be ramped up in relatively short order to fully supply domestic and likely export markets well into the future.
“The increase in supply potential undercuts the main argument of proponents of restricting exports, which is that DOE used outdated supply data in its analysis that said allowing exports would be beneficial. The most recent data from DOE confirms that supplies will be very robust. This implies there is more than sufficient natural gas to meet domestic and export needs with little adverse impact on prices – and that the net economic benefits of allowing exports are even greater than earlier thought. The critics simply didn’t acknowledge what an energy juggernaut the shale gas revolution has become and that it is still growing.
“The case for more exports is clearer than ever, and consistent with basic principles of economics. Trade is good. Exports are good. And if we allow natural gas producers to export natural gas when they find opportunities to do so, American workers and our nation’s economy will be better off.”
LNG World News Staff, February 26, 2013