US LNG exports could create tens of thousands of domestic jobs while having only minimal impacts on domestic natural gas prices, according to commissioned research by ICF International.
The report also concludes that LNG exports, fuelled by the country’s shale gas revolution, would spur strong growth in the US gross domestic product, but that American companies would face considerable competition for LNG sales abroad, with at least 63 international export projects currently planned or under construction.
“Increasing LNG exports is clearly in our national interest and will help the US reach the president’s goal to double US exports,” API (American Petroleum Institute) president and CEO Jack Gerard said.
“The industry is ready to invest in American infrastructure to create jobs and produce more domestic energy as soon as the Department of Energy moves forward with the approval of LNG export applications. Timely approval of LNG exports is crucial if we want to be competitive with international projects rushing to be first to market.”
The report US LNG Exports: Impacts on Energy Markets and the Economy, studies the energy market and economic impacts of LNG export levels of up to 4billion cu.ft per day, 8 Bcfd, and 16 Bcfd by 2035.
However, it is estimated that every dollar of natural gas in domestic manufacturing creates upwards of $8 of added value in the overall US economy – far more than exporting it as a fuel.
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