LNG Exports: The Wrong Side of History
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Most Americans have probably heard about the “boom” in natural gas, with U.S. production up by one-third since 2005. Besides historically low natural gas prices, one consequence is that companies like Exxon Mobil are now pushing the federal government to approve permits for more than 20 liquefied natural gas (LNG) export terminals. Big fossil fuel’s goal is to sell U.S. natural gas overseas, where it can fetch a higher price. Is that really such a good idea?
Future generations will be incredulous that we ever debated the wisdom of increasing LNG exports. The permits that the Department of Energy is considering would export as much as 45 percent of current U.S. gas production. Once the terminals are built, trade agreements like the Trans Pacific Partnership currently being negotiated could make it difficult to impossible to limit how much gas we actually export. The result will be higher domestic prices as well a lot more drilling for natural gas — primarily by fracking.
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