API has released a new study showing that increased exports of clean and abundant US natural gas (in the form of LNG) could support between 220 000 and 452 000 additional American jobs and add up to US$73 billion to the US economy by 2040.
The study, conducted by ICF International, also concluded that increased LNG exports would have a minimal impact on natural gas prices. Greater use of natural gas across the world is estimated to reduce global greenhouse gas emissions, just as natural gas in US power generation has helped reduce US greenhouse gas emissions to near 25-year lows.
"This report confirms that increasing US LNG exports would bring great benefits to American workers and consumers and the US economy," said API Executive Vice President and Chief Strategy Officer Marty Durbin. "Increasing the use of US natural gas throughout the world means more production here at home, cleaner air, and increased energy security for our nation and our allies. Today's report is the latest to exemplify the benefits that come from this clean, affordable, abundant, and reliable energy resource."
Key findings of the report include:
- Increased LNG exports volumes of up to 16 billion ft3/d in 2040 could support between 220 000 to 452 000 additional jobs and add US$50 – US$73 billion to the US economy.
- Estimates of current US natural gas resources are approximately 3700 trillion ft3, which are higher than estimates of 3550 trillion ft3 in 2013.
- The potential global market is now estimated to be 32 trillion ft3 by 2040, which is bigger than the 22 trillion ft3 estimated in 2013.
- Increased LNG exports are estimated to have a minimal effect on the price of natural gas. Projected price impacts of LNG exports are anticipated to be half of earlier 2013 estimates due to efficiency gains and advances in energy production technology.
Durbin added, "The US is the world's leader in producing clean and abundant natural gas and today's study demonstrates that the US can export additional supplies of US natural gas without sacrificing our competitive advantage here at home."
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 10.3 million US jobs and nearly 8% of the US economy. API's more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation's energy and are backed by a growing grassroots movement of more than 40 million Americans.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/04102017/us-natural-gas-exports-boost-jobs-and-accelerate-economic-growth/