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The recent boom in natural gas production has significantly lowered U.S. energy prices. Could moves from energy giants create a new spike in the prices of this commodity?
Exxon Mobil, Sempra Energy, and other companies have proposed more than 20 projects to export Liquid Natural Gas, or LNG, which is easier to transport and store. These export projects could be used to produce as much as 29 million cubic feet of natural gas a day.
“Exporting natural gas will have serious implications for public health, the environment and climate change,” said Michael Brune, Executive Director of the Sierra Club. “Building these terminals means lots of new fracking, and more fracking means more risks for Americans.”
On a more positive note, these efforts will create thousands of new jobs and help spark up the economic growth again in addition to helping lower our trade deficit.
Are the risks worth the reward?
Senator Ron Wyden, D-Ore., Chairman of the Senate Energy and Natural Resources Committee, said officials should seek a “sweet spot” for LNG exports — allowing enough to spur drilling and increase gas supplies, but not enough to create export-driven price hikes. With the proper policies in place, energy companies can “make enough money to continue producing, U.S. manufacturers have an affordable, stable supply of natural gas, and the environment is not only protected, but actually benefits from greater use of natural gas and lower CO2 emissions,” Wyden said.