Speed up LNG Export ProcessLeave your thoughts Categorized in: Colorado, Domestic Oil, Florida, Illinois, Michigan, National, New England, Ohio, Pennsylvania, Texas, Virginia, Wisconsin
Thanks to fracking and the shale revolution, America is now the world’s top producer of natural gas. This increased production is creating jobs, growing the U.S. economy, and reducing our reliance on foreign energy. However, the American natural gas industry could create even more benefits if outdated restrictions did not hamper liquefied natural gas (LNG) exports.
LNG exports will drive economic growth by creating jobs, encouraging production, and stimulating investment, according to a substantial body of research that includes studies from Brookings Institution, Small Business & Entrepreneurship Council, Deloitte, and ICF International.
Most recently, the Department of Energy’s own macroeconomic analysis, released in October of 2015, found that expanded export scenarios would add between $7.7 billion and $20.5 billion to the economy and between 9,600 and 35,200 jobs, to the U.S. workforce every year from 2026 to 2040. The study concluded that economic benefits would increase with the level of exports: The more we export, the better off our economy will be.
It’s time that our nation’s laws governing energy exports are updated to meet today’s reality. The shale revolution has changed the way America produces energy. We can’t afford to have antiquated laws stifling job creation, economic growth, and energy security.