Energy

The liquefied natural gas export industry has turned the U.S. into a powerhouse of cleaner energy, benefiting its trading partners around the world. The Biden administration’s ongoing ban on new LNG export licenses, however, is throttling an industry that could produce many more billions in revenue and a startling 900,000 jobs by 2044.

The data: A new study from the NAM and PwC shows that the U.S. LNG revolution could extend its upward climb, as shown on the graph above. Today, the industry is a huge source of jobs and profit:

• U.S. LNG exports support 222,450 jobs, resulting in $23.2 billion in labor income.
• The LNG industry contributes $43.8 billion to U.S. GDP.
• And lastly, federal, state and local governments receive $11.0 billion in tax and royalty revenues, thanks to U.S. LNG exports.

But that pales in comparison to the industry’s potential over the next two decades. The study projects the likely growth of the industry through 2044, showing all that is at stake if the ban remains in place until then:

• Between 515,960 and 901,250 jobs, resulting in $59.0 billion to $103.9 billion in labor income, would be at risk.
• The ban would also stifle between $122.5 billion and $215.7 billion in contributions to U.S. GDP during the same period.
• Between $26.9 billion and $47.7 billion in tax and royalty revenues meant to benefit communities across the United States would also be at risk in 2044.

Public opinion: The American public is squarely behind the LNG export industry, showing overwhelming approval in an NAM poll taken in March.

• Eighty-seven percent of respondents agreed the U.S. should continue to export natural gas.
• Seventy-six percent of respondents agreed with building more energy infrastructure, such as port terminals.

The last word: “With LNG exports, we do not have to choose between what’s good for the economy and good for the planet. Today’s research shows the massive opportunity America has when we unleash our economic and energy potential,” said NAM President and CEO Jay Timmons.

• “Building LNG export facilities and expanding natural gas production are not just good for our industry—they also cut emissions and help power manufacturing around the world.”