NTU urges all Representatives to vote “YES” on H.R. 351, the “LNG Permitting Certainty and Transparency Act,” which would put in place common-sense deadlines and processes for application review and approval of liquefied natural gas (LNG) export facility operations, as well as increase transparency of LNG export destinations.
Fortunately, H.R. 351 provides a streamlined, expedited process that should smooth the path for increased LNG exports, spurring additional development. Only seven years ago, the U.S. imported 16 percent of our natural gas. Based on current projections, we could become a net exporter by 2020. Today, we are the number one petroleum and natural gas producer in the world due to revolutionary technologies. However, domestic consumption of natural gas has flattened, indicating limited prospects for increased production to be feasible unless new markets are unlocked.
By more fully entering global markets where regional price disparities create numerous opportunities for U.S. LNG to be profitable, natural gas production could continue to be a source of much-needed jobs and prosperity. A study by NERA Economic Consulting found that across numerous scenarios, “LNG exports provide net economic benefits ... and the greater the level of exports, the greater the benefits.” The report noted that additional investment in LNG export facilities and increased production could help speed economic recovery and put up to “45,000 currently unemployed workers back to work” between now and 2018.
Rather than continuing to constrain the enormous economic potential of LNG exports by a lengthy and unnecessarily burdensome regulatory process, enacting H.R. 351 will ensure the natural gas industry has the economic incentive to thrive.
Roll call votes on H.R. 351 will be included in our annual Rating of Congress and a “Yes” vote will be considered the pro-taxpayer position.
