The increased development of abundant American natural gas is fueling our own needs while driving significant energy solutions around the globe. While proponents of the Biden Administration’s dangerous freeze on new liquified natural gas (LNG) export projects cite concerns over increased domestic prices, government data and analysis from experts confirm the exact opposite is true.
Spot prices on NYMEX’s Henry Hub index remain a fraction of what they were prior to America’s shale gas revolution, and in fact, the price of natural gas “hit its lowest point in 30 years in mid-February while our LNG exports have neared record highs,” a recent TXOGA analysis highlights.
America’s shale gas revolution unlocked an abundance of natural gas, especially here in Pennsylvania, that made the U.S. the world’s top oil and gas producer and a leading energy exporter. Modern engineering practices pioneered in the Marcellus have dramatically increased our supply, meaning we’re able to share this energy with the world without feeling adverse impacts at home.
These facts and historical data prove the LNG permit pause is nothing more than a political ploy for President Biden to score points in this election year. However, in energy-rich Pennsylvania (a “must-win” state for the President), the decision appears to be garnering more opponents than allies.
58% of Pennsylvania voters oppose President Biden’s LNG pause, with 41% of voters stating they are more likely to vote against him based on this pause, according to an Axis Research statewide poll. Democrats and Republicans across the Commonwealth recognize the importance of sustaining a thriving natural gas industry for the sake of more than 120,000 jobs, tens of billions in annual economic impact, and a diversified economy tied to a dynamic energy sector.
Natural gas “has created good-paying energy jobs in towns and communities across the Commonwealth and has played a critical role in promoting U.S. energy independence,” said Pennsylvania Senators (both Democrats) John Fetterman and Bob Casey in a joint statement.
And as Bloomberg reports, Democratic Pennsylvania Governor Josh Shapiro said the Biden administration’s recent halt in liquefied natural gas export licenses should be limited to prevent undermining job creation in a state that’s relying on energy to drive growth.
“Simply put, by halting new export facilities, the Biden Administration is turning their backs on our foreign allies, forcing them to rely on dirtier energy that could otherwise be replaced by cleaner, American natural gas,” the Marcellus Shale Coalition outlined in a letter to Energy Secretary Granholm alongside the Gas and Oil Association of West Virginia and the Ohio Oil and Gas Association.
It’s clear the freeze on new LNG export projects is baseless and only serves the interest of extreme activists hoping to end natural gas production and use across the United States, which poses severe energy and national security concerns.
