Upcoming Biden policy to impact natural gas exports, posing delays for major projects
![Upcoming Biden policy to impact natural gas exports, posing delays for major projects](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/01/close-up-shot-of-a-industrial-chimney-emitting-a-p-2023-11-27-05-36-10-utc-1-scaled.webp)
The Biden administration is expected to announce plans in the coming days to increase environmental scrutiny on applications for natural gas exports.
This move could lead to significant delays in major projects for an extended period. Sources told Bloomberg that the announcement may come by the end of the week.
White House officials have been carefully considering the matter, balancing environmental, economic, and political considerations linked to substantial US gas trade worth billions of dollars.
Disruptions in Energy Department reviews for widespread liquefied natural gas (LNG) exports could impact the development of large LNG terminals, particularly along the Gulf Coast.
This includes Venture Global LNG Inc.’s controversial CP2 export terminal and Commonwealth LNG’s project, both located in Louisiana and facing opposition from environmentalists.
“It appears the administration may be putting a moratorium on the entire US LNG industry,” Shaylyn Hynes, spokeswoman for Venture Global, said in a statement. “Such an action would shock the global energy market, having the impact of an economic sanction, and send a devastating signal to our allies that they can no longer rely on the United States.”
Supporters of liquefied natural gas (LNG) are launching lobbying efforts to prevent potential delays that could jeopardize investment decisions and even lead to the cancellation of some projects.
They highlight the environmental advantages of using American natural gas to replace coal in global power plants. Additionally, they argue that any interruption in LNG export approvals would be a setback for European allies that have depended on US natural gas to reduce reliance on Russian supplies post the invasion of Ukraine by Moscow.
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