{"id":2197169,"date":"2024-03-12T07:49:03","date_gmt":"2024-03-12T11:49:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fact-check-lng-exports-dont-lead-to-increased-domestic-energy-costs-reports-say\/"},"modified":"2024-03-12T07:49:03","modified_gmt":"2024-03-12T11:49:03","slug":"fact-check-lng-exports-dont-lead-to-increased-domestic-energy-costs-reports-say","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fact-check-lng-exports-dont-lead-to-increased-domestic-energy-costs-reports-say\/","title":{"rendered":"FACT CHECK: LNG exports don\u2019t lead to increased domestic energy costs, reports say"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffact-check-lng-exports-dont-lead-to-increased-domestic-energy-costs-reports-say%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2197169&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>(The Center Square) \u2013 In the wake of the Biden administration announcing it was pausing pending applications for liquified natural gas (LNG) exports, industry reports from Texas challenge the administration\u2019s reasons for doing so.<\/p>\n<p> The administration\u00a0announced\u00a0it was implementing a temporary pause on pending decisions on exports of LNG to non-Free Trade Agreement countries until the Department of Energy updates \u201cunderlying analyses for authorizations.\u201d Among the several reasons it gave for doing so is because current LNG export authorizations, which are five years old, \u201cno longer adequately account for considerations like potential energy cost increases for American consumers and manufacturers beyond current authorizations or the latest assessment of the impact of greenhouse gas emissions.\u201d<\/p>\n<p> A new\u00a0report\u00a0published by the Texas Oil &#038; Gas Association refutes this claim, citing federally-produced energy data. Other industry reports also refute Biden administration claims, which The Center Square is highlighting in a multi-part series on LNG exports.<\/p>\n<p> Contrary to the administration\u2019s claims, LNG exports have spurred production and productivity gains, which have helped drive prices down, TXOGA\u2019s chief economist, Dr. Dean Foreman, says.<\/p>\n<p> \u201cAttributing higher U.S. natural gas prices to LNG exports is inaccurate and risks misguided energy policies that run contrary to the interests of U.S.,\u201d he concludes in the report.<\/p>\n<p> Pointing to federal data, he notes that as U.S. LNG exports have remained at near record-highs, natural gas prices at Henry Hub, Louisiana, fell as low as $1.52 per million btu in mid-February 2024 \u2013 the lowest for the month on record since 1994.<\/p>\n<p> After the U.S. became a net exporter of LNG for the first time in February 2016, by January 2024, net exports increased 40 times more compared to the average in 2016. As exports increased in January, \u201cdomestic real natural gas prices remained at record low levels for the month,\u201d the report notes, citing U.S. Energy Information Administration data.<\/p>\n<p> \u201cHistorically, there has been little to no evidence of a direct or causal relationship between U.S. LNG exports and domestic natural gas prices,\u201d Foreman says. Citing EIA data, he explains that while natural gas prices remained subject to seasonal variation, they generally declined in 2019 through mid-2020. Prices also declined again in late 2022 as U.S. LNG net exports increased.<\/p>\n<p> As U.S. LNG exports tripled in volume since 2019, increased production and exports \u201cmotivated U.S. natural gas production growth and productivity,\u201d which, in turn, \u201cexerted downward price pressures to the benefit of American consumers,\u201d Foreman said.<\/p>\n<p> Increased exports also led to the industry improving technology and resource recoveries, which generally added to estimated domestic recoverable gas resources, he said.<\/p>\n<p> \u201cLNG exports have supported steady gas production growth, drilling productivity, and reserve additions in areas like the Haynesville, Eagle Ford, and Permian basins, which are well positioned to support LNG exports in terms of their geography, infrastructure, and state business climates,\u201d the report states.<\/p>\n<p> \u201cData confirm LNG exports have had no impact on domestic natural gas prices. In fact, the real price of natural gas in America hit its lowest point in 30 years in mid-February while our LNG exports have neared record highs,\u201d TXOGA President Todd Staples said. \u201cThe Administration\u2019s decision to pause approvals of new LNG export facilities, citing potential to raise domestic energy prices, is baseless and another ploy to ultimately end American energy production. These decisions squander the American energy leadership that starts in Texas and puts energy security worldwide at risk.\u201d<\/p>\n<p> The United States is the top producer of oil and natural gas, led by Texas. In 2023, the Texas natural gas industry broke multiple records, including natural gas marketed production reaching record highs in seven out of 12 months, The Center Square\u00a0reported.<\/p>\n<p> Last October, the industry eclipsed one trillion cubic feet in a single month for the first time in history, accounting for nearly 30% of the national production total. Last year, Texas also produced and exported a record amount of natural gas liquids (NGLs) with refineries also using record amounts of NGLs.<\/p>\n<p> Recognizing the importance of the industry, the Texas legislature\u00a0passed\u00a0bills to protect it from federal overreach and from local bans on gas-powered engines or stoves. Last November, Texas voters also overwhelmingly\u00a0passed\u00a0a constitutional amendment to create a $5 billion Texas Energy Fund.<\/p>\n<p> Texas\u2019 oil and natural gas industry is vital to the state, the governor and state comptroller have argued. The industry paid a record $26.3 billion in state and local taxes and state royalties in fiscal 2023, the highest in state history.<\/p>\n<p> The governor and comptroller have also opposed ESG policies promoted by the Biden administration, which they argue are designed to hurt the industry. The comptroller\u2019s office continues to add financial companies to its state divestment list identifying those that boycott the Texas oil and natural gas industry through their ESG policies. Fifteen companies and 353 publicly traded investment funds are on the list, The Center Square has\u00a0reported.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(The Center Square) \u2013 In the wake of the Biden administration announcing it was pausing pending applications for liquified natural gas (LNG) exports, industry reports from Texas challenge the administration\u2019s reasons for doing so. The administration\u00a0 announced \u00a0it was implementing a temporary pause on pending decisions on exports of LNG to non-Free Trade Agreement countries<\/p>\n","protected":false},"author":1,"featured_media":2197170,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2023\/12\/f9987d6d6f8a2f289b1f868f086a2d7c-1024x681.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2197169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2023\/12\/f9987d6d6f8a2f289b1f868f086a2d7c-1024x681.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2197169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2197169"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2197169\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2197170"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2197169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2197169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2197169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}