API has released a new study showing that increased exports of clean and abundant US natural gas (in the form of LNG) could support 220 000 – 452 000 additional American jobs and add up to US$73 billion to the US economy by 2040. The study, conducted by ICF International, also concluded that increased LNG exports would have a minimal impact on natural gas prices. Greater use of natural gas across the world is estimated to reduce global greenhouse gas emissions
Key findings of the report include:
- Increased LNG exports volumes of up to 16 billion ft3/d in 2040 could support between 220 000 to 452 000 additional jobs and add US$50 billion – US$73 billion to the US economy.
- Estimates of current US natural gas resources are approximately 3700 trillion ft3, which are higher than estimates of 3550 trillion ft3 in 2013.
- The potential global market is now estimated to be 32 trillion ft3 by 2040, which is higher than the 22 trillion ft3 estimated in 2013.
- Increased LNG exports are estimated to have a minimal effect on the price of natural gas. Projected price impacts of LNG exports are anticipated to be half of earlier 2013 estimates due to efficiency gains and advances in energy production technology.