API: LNG exports support America’s role as an energy superpower

WASHINGTON, March 12, 2014 – Liquefied natural gas (LNG) exports will grow the U.S. economy while strengthening the energy security of America and its allies, including Ukraine, said API Director of Upstream and Industry Operations Erik Milito on a conference call today.

“For the first time in generations, the United States is an energy superpower,” said Milito. “And the world – especially Europe and countries like Russia, China, and India – is watching closely to see if American policymakers are ready to harness that power on the international stage.

“Now is the time to build our energy infrastructure, expand exports, and lock in the economic and geopolitical opportunities that our energy revolution has created. To do that, we need continued support from policymakers in Washington to build LNG export terminals.

“Our allies know U.S. exports will undoubtedly have an impact long before the first tanker leaves our shores, and they are eager to diversify their energy supplies with reliable, steady supplies from the United States.

“By accelerating exports, we can strengthen the global energy market against future disruptions and send a signal to the world that the United States is ready to lead. Our growth as a major exporter would bring competition into the market and help ease the ties that bind our allies to any single supplier.

“The U.S. Department of Energy commissioned a study by NERA, which concluded that LNG exports would yield net economic benefits across all scenarios. The study also showed that concerns about domestic natural gas prices were unfounded.

“The only thing standing between America and a steady flow of jobs and capital are self-imposed bureaucratic restrictions.”

For the full text for Milito’s remarks, click here.

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 580 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.