WASHINGTON, Oct. 3, 2017 /PRNewswire-USNewswire/ — API today released a new study showing that increased exports of clean and abundant U.S. natural gas (in the form of liquefied natural gas or LNG) could support between 220,000 and 452,000 additional American jobs and add up to $73 billion to the U.S. 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 U.S. power generation has helped reduce U.S. greenhouse gas emissions to near 25-year lows.
“This report confirms that increasing U.S. LNG exports would bring great benefits to American workers and consumers and the U.S. economy,” said API Executive Vice President and Chief Strategy Officer Marty Durbin. “Increasing the use of U.S. 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 bcf/d in 2040 could support between 220,000 to 452,000 additional jobs and add $50 to $73 billion to the U.S. economy.
- Estimates of current US natural gas resources are approximately 3,700 Tcf, which are higher than estimates of 3,550 Tcf in 2013.
- The potential global market is now estimated to be 32 Tcf by 2040, which is bigger than the 22 Tcf 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 U.S. is the world’s leader in producing clean and abundant natural gas and today’s study demonstrates that the U.S. can export additional supplies of U.S. natural gas without sacrificing our competitive advantage here at home.”
The full study titled Impact of LNG Exports on the U.S. Economy: A Brief Update is available on API’s website.
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 10.3 million U.S. jobs and nearly 8 percent of the U.S. 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.