API: Energy Department report reinforces case for natural gas exports
Zachary Cikanek | CikanekZ@api.org | 202.682.8114
WASHINGTON, October 29, 2014 ─ Today’s report from the U.S. Energy Information Administration (EIA) confirms previous findings that higher levels of liquefied natural gas (LNG) exports would yield greater economic gains for the U.S.
“The updated study confirms what past research has found, which is that higher levels of exports prompt more U.S. growth and increase investment in American energy security,” said API Vice President for Regulatory and Economic Policy Kyle Isakower. “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 sixty 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.”
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API’s more than 600 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 20 million Americans.