API Unveils Study of State Economic Gains from LNG Exports
Zachary Cikanek | 202.682.8114 | CikanekZ@api.org
WASHINGTON, November 14, 2013 – A new state-by-state study details significant U.S. job gains, manufacturing growth, and robust economic activity associated with future exports of liquefied natural gas (LNG), according to API Vice President for Regulatory and Economic Policy Kyle Isakower. The study, by ICF International, was released this morning during a conference call with reporters.
“The export of liquefied natural gas – or LNG -- represents one of the most promising economic opportunities of the shale revolution. These exports will significantly reduce our trade deficit, increase government revenues, grow the economy, and support millions of U.S. jobs in engineering, manufacturing, construction, and facility operations.
“…According to ICF, LNG exports could contribute as much as $10 to $31 billion per state to the economies of natural gas-producing states, such as Texas, Louisiana, and Pennsylvania, by 2035. However, non-natural-gas-producing states will also benefit, partly due to the boost in demand for steel, cement, equipment, and other goods. According to the report, states with a large manufacturing base, such as Ohio, California, New York, and Illinois, will see economic gains as high as $2.6 to $5.0 billion per state in 2035.
“In terms of employment, natural gas-producing states could see employment gains as high as 60,000 to 155,000 jobs in 2035. And large manufacturing states, such as California and Ohio, will see employment gains upwards of 30,000 to 38,000 jobs in 2035.
“…According to the report, over half of all states could see over $1 billion in state income gains from LNG exports by 2035 and at least 6,000 net jobs. That is because the long-term impact of LNG exports will mean stronger, more reliable U.S. production of fuel for both domestic consumption and export.”
API is a national trade association that represents all segments of America’s technology-driven oil and natural gas industry. Its more than 550 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation’s energy and are backed by a growing grassroots movement of over 15 million Americans. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy, delivers $85 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.
File Size: .1 MB