We support our Publishers and Content Creators. You can view this story on their website by CLICKING HERE.
The Department of Energy Tuesday released its long-awaited draft analysis on the impacts of liquified natural gas (LNG) exports.
In January, President Joe Biden enacted a moratorium on export permits to countries without free-trade agreements with the U.S. while the analysis was completed.
The study concludes that current LNG exports are enough to satisfy global demand, and increased exports would cost the average American household about $100 per year by 2050.
“We have recently lived through the real world ripple effects of increased energy prices domestically and globally since the pandemic. Middle and low-income households already face energy bills that are too high,” Energy Secretary Jennifer Granholm said in a statement.
However, critics of LNG exports have been arguing for decades that expanding LNG exports would increase costs. Over the past decade, LNG exports have grown exponentially without any comparable increase in price.
“This report is a clear and inexplicable attempt to justify their grave policy error. America’s allies are suffering from the weaponization of natural gas and energy deprivation and any limitations on supplying life essential energy is absolutely wrong-headed. We look forward to working with the incoming administration to rectify the glaring issues with this study during the public comment period,” American Gas Association President and CEO Karen Harbert said in a statement.
The DOE study also found that, while LNG would displace coal globally, natural gas would displace more renewables than coal, resulting in increases in greenhouse gas emissions.
The draft now enters a 60-day comment period, meaning by the time it’s finalized, President-elect Donald Trump will be president. Trump is expected to resume export permits.