According to Margo Thorning of the American Council for Capital Formation (ACCF), Oregon has a chance to enjoy real economic growth while helping America supply the world with cleaner, more affordable energy, provided the federal government doesn’t stand in the way.
Analysis shows that if the Jordan Cove LNG terminal is built at the Port of Coos Bay more than 1768 jobs would be created. A further 1530 indirect and 1838 induced jobs would be created per year. The labour income from the direct and secondary employment would average US$ 182.6 million/y and US$ 147.4 million/y, respectively.
The direct economic impact of all related Jordan Cove activity is projected at US$ 1.29 billion, with the portion attributed to Coos County totaling US$ 35 million.
Oregon state senators Arnie Roblan and Caddy McKeown said: “The economic boost will provide the resources needed to fund law enforcement, enrich educational opportunities for our children and augment other services that have been hard hit by the contraction of the wood products industry”.
Thorning holds that global demand for LNG is abundant, and the US has the abundance of supplies necessary to export while also fulfilling its own needs for decades to come. The US Energy Information Administration (EIA) that global natural gas consumption will increase by 64% and US natural gas production will grow by 56% by 2040.
ACCF urges the government not to stand in the way of those seeking to make the most of this dynamic. LNG export facilities, such as Oregon’s Jordan Cove, must go through a lengthy and burdensome approval process that ultimately holds back economic growth and denies America the ability to respond quickly when events overseas present strategic opportunities, claims Thorning.
A bill that the US House of Representatives plans to vote on this week could fix the process by setting a 90 day time limit for LNG export permit application decisions. Oregon’s congressional representatives will have to vote on this bill soon. Thorning claims that they would be acting in Oregon’s best interests by voting for the streamlined approval process.
Adapted from a press release by Emma McAleavey.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/25062014/90_day_timeline_for_lng_export_permits_789/