Heated debate over the impact of liquefied natural gas exports on domestic prices is threatening to derail them at a crucial time for the U.S. industry.
A sudden abundance of natural gas and unprofitably low prices — the result of fracking technology that's opened up previously unreachable shale-gas reserves — has the industry looking for new markets.
But Massachusetts Rep. Edward Markey, a top Democrat on the House Natural Resources Committee , is pulling out the stops to slow exports.
He began worrying about the impact of liquefied natural gas (LNG) exports on U.S. prices, when he saw permit applications piling up at the Department of Energy.
So, Markey and Sen. Ron Wyden, D-Ore., another key voice on U.S. energy policy, introduced bills requesting a timeout on LNG permit approvals until 2025.
“We saw a policy shift to exports without even a debate,” says Jonathan Phillips, a senior policy adviser to Markey on the Democratic staff of the Natural Resources Committee. “Yet all the studies show that exports will increase domestic prices. We’re not going to race ahead, allowing oil and gas companies to reap large profits at a cost to consumers."Page 1 of 4 | Next Page