Don’t forget about the economic potential of LNG exportsLeave your thoughts Categorized in: Domestic Oil, Illinois, LNG
The omnibus budget bill has been in the news a lot recently, generating much discussion about how much exporting U.S. crude oil would stimulate the economy and create jobs. But we should not forget about the economy-boosting potential of another American-made fuel – liquefied natural gas.
Making it easier for U.S. energy producers to sell LNG overseas would have a big impact on both the national and Illinois economies. You might remember a 2014 study underwritten by API that predicted half of all states would see over $1 billion in income gains and at least 6,000 net jobs if we increased LNG exports.
In Illinois, we could expect 17,341 new jobs and $2.6 billion in additional income by 2035. These are estimates, obviously, but if it amounted to even just a fraction of that , think what that would mean for our state.
An overview of the study is here. It’s worth a look if you’re interested in ways to make the Illinois economy flourish.