Officials say energy prices will increase if the U.S. eases LNG exports.
The Department of Energy (DOE) released its report on liquefied natural gas (LNG) exports after President Biden’s administration paused all new LNG exports in January.
Demand for LNG surged after nations cut off Russian energy sources after it attacked Ukraine. Previously approved exports were still allowed to continue, but President Biden’s administration delayed approving new exports until it researched the economic and environmental effects of an increase in U.S.-sourced LNG.
In its report, the department found that increasing U.S. LNG exports could cause domestic wholesale natural gas costs to rise by 30 percent. Officials also estimate this could create an additional 1.5 gigatons of annual greenhouse gases by 2050.
“To date, U.S. consumers and businesses have benefited from relatively stable natural gas prices domestically as compared to those in other parts of the world who have faced far greater price volatility,” Energy Secretary Jennifer Granholm stated. “[But] the more volumes of U.S. LNG are exported, the greater the risk of this global price volatility being imported into our domestic market and impacting U.S. consumers and manufacturers.”
A 60-day public comment period has been opened for the report.
As the Lord Leads, Pray with Us…
- For Energy Department officials as they assess the impact of exporting greater amounts of liquid natural gas.
- For the president-elect and his team as they seek to increase energy independence and lower energy costs.
Sources: The Hill, Fox News
