A new report from the US Energy Information Administration (EIA) has confirmed previous findings that higher levels of LNG exports would yield greater economic gains for the US, the American Petroleum Institute (API) has said.
Kyle Isakower, VP for Regulatory and Economic Policy at the API said, ‘the updated study confirms what past research has found, which is that higher levels of exports prompt more US growth and increase investment in American energy security. Across the board, demand for exports was met with higher domestic production, showing that America has the resources to supply affordable energy here at home, while lowering the trade deficit, creating new jobs, and supporting our allies overseas.
‘More than 60 competing LNG projects are planned or under construction on foreign shores. It’s time to lock in America’s position as an energy superpower by speeding up the federal review process for dozens of projects still facing lengthy delays. We urge the administration to accelerate this process and work with leaders in Congress who have shown they are ready to act.
‘Even in a pessimistic scenario the EIA called particularly implausible, the economic gain for America far outweighed a modest increase in natural gas prices. In more likely scenarios, the potential change in prices was marginal, with an impact on electricity bills near zero. More importantly, America’s economy will grow as exports grow, providing more jobs and more income here at home.’
Edited from press release by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/31102014/us-nat-gas-exports-reinforced-api/