More US exports of LNG could support another 220,000-452,000 jobs and add as much as $73 billion to the economy by 2040, a study commissioned by the American Petroleum Institute concluded.
The report also found that increased LNG exports would have a minimal impact on US gas prices and reduce global greenhouse gas emissions, API said as it released the ICF International study on Oct. 3.
“This report confirms that increasing US LNG exports would bring great benefits to American workers and consumers and the US economy,” API Executive Vice-Pres. and Chief Strategy Officer Martin J. Durbin said. “Increasing the use of US gas throughout the world means more production here at home, cleaner air, and increased energy security for our nation and our allies.”
The report’s key findings included:
• As much as 16 bcfd more of LNG exports in 2040 could add $50-73 billion to the US economy.
• Current US gas resource estimates of 3,700 tcf are 150 tcf more than 2013’s estimated 3,550 tcf.
• The potential global market now is estimated to reach 32 tcf by 2040, 10 tcf more than the 22 tcf that was estimated in 2013.
• Projected US price impacts of higher LNG exports in 2040 are expected to be half of the 2013 estimates due to efficiency gains and advances in energy production technology.
“The US is the world’s leader in producing clean and abundant gas, and today’s study demonstrates that the US can export additional supplies of its gas without sacrificing its competitive advantage here at home,” Durbin said.
Contact Nick Snow at [email protected].