Biden admin’s LNG export ban puts nearly 1 million jobs at risk: read

The Biden-Harris administration’s blocking of new permits for Liquefied natural gas (LNG) exports threatens nearly a million jobs over the next two decades if the ban remains in place, finds a new study.

The National Association of Manufacturers (NAM) conducted a study in partnership with PwC that was shared exclusively with FOX Business and found that between 515,960 and 901,250 jobs – and an estimated $103.9 billion in labor costs – would be threatened if the ban continued. until 2044. The analysis used the Energy Department’s opinion before the ban was announced to calculate its potential long-term impact.

I export ban would squeeze US GDP between $122.5 billion and $215.7 billion by 2044, while between $26.9 billion and $47.7 billion in tax and royalty revenue for federal, state and local governments would be at risk by 2044 if the suspension of consent continues, the study found.

“With a more energy strategy, we don’t have to choose between national security, economic growth, and environmental protection — they go hand in hand,” NAM President and CEO Jay Timmons told FOX Business. “Today’s research highlights the enormous potential we unlock when we embrace American energy production.

BUSINESS GROUPS FROM US, EUROPE AND JAPAN BACK BIDEN LNG PERMIT SUSPENSION

The NAM study found that by 2023, US LNG exports supported about 222,450 jobs and generated $23.2 billion in labor income. The LNG industry also contributed $43.8 billion to US GDP and LNG exports generated $11 billion in tax and royalty revenue for federal, state and local governments.

“Our new research makes it clear that suppressing LNG sales threatens jobs and economic growth. It also forces other nations to rely on dirty alternatives from adversaries like Russia, increasing national security risks,” Timmons explained. “By expanding LNG export facilities, expanding natural gas production, and supporting clean energy initiatives, we can generate energy, improve quality of life, strengthen our security and reduce global emissions.”

COURT BLOCKS BIDEN ADMIN’S BAN ON NEW LNG SHIPMENTS

LNG exports supported about 222,450 jobs in the US last year, according to NAM using DOE data. (Mark Felix/Bloomberg via Getty Images/Getty Images)

“This study gives policymakers—current and future—a clear path to creating jobs and hundreds of billions of dollars in economic growth by leveraging America’s abundant LNG supply,” he added.

I The Biden-Harris administration announced on January 26 that all new approvals for LNG exports to non-FTA countries would be immediately suspended, although previously approved projects were not affected by the move.

US TO LEAD WORLD IN LIQUEFIED NATURAL GAS (LNG) BY 2023

The Biden-Harris administration has temporarily suspended the approval of new LNG export permits pending an environmental review of carbon emissions. (Photographer: Lindsey Janies/Bloomberg via Getty Images/Getty Images)

I The White House and the Department of Energy explained at the time that the temporary moratorium would give government officials a chance to conduct rigorous environmental reviews to assess the impact of new LNG projects on carbon emissions — a process they said would take up to a year to complete.

In July, a federal court granted a request by more than a dozen states for a temporary stay pause on the new LNG export license. The preliminary injunction prevents the ban from taking effect during the trial, although the Department of Energy said at the time that it disagreed with the ruling and would consider its next steps.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Last year, the US led the world LNG shipments with over 86 million metric tons shipped to international customers. Europe is the main destination for LNG exports from the US, followed by Asia, according to LSEG data.