Below are extracts from the letter sent by API president and CEO Jack Gerard, to the US Committee on Energy and Commerce on a recent vote regarding speeding up US natural gas exports.
‘Since 2009, the US has been the world’s top natural gas producer. This is good new that not only benefits the US economy and American consumers; it has strengthened our energy security and provided America with an historic opportunity to utilise our resources as a balance against turmoil in the international energy markets. Today, the world is watching closely to see if American policymakers are ready to harness that power. Toward that end, the API thanks the Committee for considering H.R. 6, the Domestic Prosperity and Global Freedom Act, and encourages support from Committee members.
‘American innovations in hydraulic fracturing and horizontal drilling have unlocked vast energy reserves here in the US. We now have enough natural gas to not only supply low cost energy here at home but also to participate as a major supplier in the global market for LNG. But to achieve that goal and bring home the economic benefits of stronger exports. We need continued support from policy makers in Washington. Our industry is prepared to invest billions in LNG export terminals, each of which represent a multimillion dollar investment in infrastructure, as well as long term investments in US labour and materials. Yet, over 20 applications for export permits remain on hold at the DoE. By expediting the permitting process for LNG exports to World Trade Organisation nations, H.R.6 will accelerate investment in the US economy and send a powerful signal that the US is ready to lead.’
‘The benefits will flow to consumers in the form of reliable and affordable energy, to workers in the form of thousands of new jobs, and to US citizens in the form of greater energy security. And, according to a recent analysis by ICF International, the economic benefits of LNG exports will extend far beyond natural gas producing states, driving national job growth and increasing demand for US steel, cement, equipment and other goods. According to ICF, the export of LNG could yield an additional 665 000 US jobs, reduce our nation’s trade deficit, increase government revenues, and significantly grow the economy.
‘This is why support for LNG exports is strong across the country, and why bipartisan legislation like H.R.6 is critical to our future economic strength. We welcome the work the Energy and Commerce Committee is doing to make LNG exports a priority and continue to call on the DOE to quickly approve all pending applications. What we do today matters. Now is the time to build our energy infrastructure, expand exports, and lock in the economic and geopolitical opportunities that our energy revolution has created.’
Edited by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/01052014/letter_on_us_nat_gas_exports/