America is getting ready to sell natural gas to Europe and Asia.
Supplying gas to European or Asian markets requires building large facilities to liquefy or compress the natural gas, which is exactly what companies are doing. This map Energy Information Administration, published Friday, shows the efforts in action:
Source: Energy Information Administration
Selling natural gas to other countries will likely be a growth industry. Global demand for natural gas is expected to be 50 percent higher by 2035 than it is now according to the International Energy Agency. Demand for imports of natural gas increased 27 percent in the United Kingdom last year alone.
Department of Energy studies suggest that exporting natural gas will add to local property tax bases, create construction jobs, and improve trade relations with friendly governments. A previously approved Maryland export facility is expected to create 14,600 jobs and reduce the trade deficit by $7 billion every year.
The Department of energy also found that selling American natural gas abroad would provide huge environmental benefits . The report states exporting natural gas will help “address a variety of environmental concerns in the power‐generation sector.”
Despite these advantages, President Barack Obama and the federal bureaucracy have been slow to process permits for natural gas exports, making some projects wait up to four years. The current permitting process is opaque and can be changed at any time leading to uncertainty that is preventing companies from investing in the required infrastructure.
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