A recent estimate from the energy trade group API, or the American Petroleum Institute, indicates that increased exports of liquefied natural gas (LNG) over the next 20 years will add approximately 500,000 jobs to the American economy as well as nearly $73 billion to the nation’s gross domestic product (GDP). “This report confirms that increasing U.S. LNG exports would bring great benefits to American workers and consumers and [to] the U.S. economy. Increasing the use of U.S. natural gas throughout the world means more production here at home, cleaner air, and increased energy security for our nation and our allies,” API’s chief strategy officer Marty Durbin explained in a recent statement.
Natural gas is the country’s largest source of energy production, representing one third of all energy produced in 2016. It has been our nation’s largest source of electrical power since July 2015, and the US has been the world’s largest producer of natural gas since 2009, when it first began outproducing Russia.
The natural gas revolution has been almost completely overlooked, with most news sources still focused on crude oil — mainly its drop from $100 a barrel in 2014 to under $60 today, and how this is threatening the very existence of the OPEC cartel. While lower gasoline prices certainly do receive more news coverage, this can mainly be chalked up to the fact that cheaper natural gas shows up in lower utility bills – a factor that is significant but generally much less exciting.
The fracking renaissance that has transformed the development of America’s crude-oil reserves is revolutionizing the production of natural gas, too. And the United States will continue to enjoy greater economic activity as the demand for natural gas continues to increase. Since energy is the driver of any economy, lower energy costs translate into improved standards of living.
Read the full article on TheNewAmerican.com here.