Issues regarding the export of natural gas
The fracking boom has led to low prices and high supplies of natural gas in the United States, which makes consumers and manufacturers who use natural gas very happy. But prices overseas are much higher, so there are 19 applications to sell liquefied natural gas overseas, and many are watching to see what the Obama administration will decide.
In Europe and Asia, where natural gas sells for $10 to $16 per million British thermal units—three to four times the U.S. price—demand is high. Imports from the U.S. could also give European countries greater power to bargain on prices with Russia’s Gazprom (OGZD), now a dominant supplier of natural gas. All that’s missing are the U.S. facilities to liquefy gas for export.
There’s a ton of money to be made for gas producers, and the natural gas could replace coal, which is growing as an export to Europe. Since natural gas is cleaner, many argue that allowing exports would be good for the environment.
But there is opposition from domestic manufacturers who don’t want to see natural gas prices go up. The article linked above points out that “Paul Cicio, president of the Washington-based trade group Industrial Energy Consumers of America, has called for delaying approvals for some new export terminals to avoid a domestic price shock.”
Stay tuned . . .
Posted in: Renewable Energy
Tags: exporting natural gas, fracking, fracking boom, gas boom, gas export issues, gas industry, gas industry risks, Gazprom, hydraulic fracturing, hydraulic fracturing risks, Industrial Energy Consumers of America, liquefied natural gas, Paul Cicio, producing shale gas, shale gas, shale gas boom
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