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Economic impact of US LNG industry measured in new report

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LNG Industry,

LNG Allies has released an updated report that summarises the potential for significant economic benefits and job growth from the US LNG industry.

The report, conducted by ICF Inc., used the most current US Energy Information Administration (EIA) data based on three cases in their 2018 Annual Energy Outlook (AEO) released in February 2018. The three cases include the Reference Case, the High Oil & Gas Case, and the High Oil Price Case.

Key findings from the new ICF study include the direct, indirect, and induced value added from 2013 to 2050 for the 3 AEO cases:

  • The cumulative economic impact from LNG plants will range from US$716 billion to US$1.267 trillion.
  • LNG plants would support 2 million to 3.9 million job-years.
  • Considering the whole value chain (LNG and natural gas supply) the cumulative economic benefits from US LNG exports would range from US$1.664 trillion to US$3.255 trillion and 7.346 to 15.459 million job-years.

"US LNG exports are driving the transformation of the international gas trade to an increasingly well-connected global market," said LNG Allies President & CEO Fred H. Hutchison. He added, "This updated report shows LNG exports also provide important economic benefits to the United States, by stimulating job creation, increased economic activity, and tax revenues."

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