America is in the midst of an energy transformation. Long dependent on the world for its energy, the U.S. is now poised to become a global energy provider. Expanding exports of liquefied natural gas (LNG) is critical to helping the United States realize its potential as a global energy leader while creating hundreds of thousands of jobs and strengthening the U.S. economy.
Expanding markets for U.S. natural gas is also consistent with U.S. trade and national security policy. Failure to expand LNG exports would force our allies to continue to rely on regimes hostile to U.S. interests for their energy needs.
The Facts About Our Energy Moment:
- Plentiful natural gas supplies and unprecedented advances in technology provide a historic opportunity for the U.S. to achieve energy self-sufficiency while creating jobs and wealth for our economy.
- LNG exports are expected to generate as much as $47 billion in net benefits to the U.S. economy, according to a recent NERA Economic Consulting study.
- A recent IHS Global Insight study estimates that increased development of natural gas could generate more than 2.4 million American jobs by 2035.
- Expanded LNG exports will create up to 450,000 jobs and help reduce the U.S. trade deficit by as much as $7.1 billion by 2035, according to a study by ICF international.
- Independent studies from Deloitte and others confirm that exports will have little impact on domestic prices owing to vast supplies now recoverable at low cost through modern technologies.
- Expanding markets for LNG exports will strengthen America’s national energy security by supporting our allies around the globe and reducing their reliance on natural gas from countries like Iran and Russia.
- If exports were restricted, the U.S. “would forego any economic benefits realized through free trade and its reputation as a supporter of a global market characterized by the free flow of goods and capital would be damaged,” according to a report by the Brookings Institution.