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Impact of LNG on the U.S. Economy
Liquefied natural gas (LNG) has significantly bolstered the U.S. economy, making the nation a leader in global LNG exports. A recent S&P Global Energy study highlights the risks of a potential pause on new LNG export terminals, announced by the Biden administration in January 2024, which could have jeopardized investments, jobs, and energy security for U.S. allies.
In just over a decade, the U.S. transformed from a net importer to a dominant LNG exporter, creating a $44 billion industry and is projected to supply more than one-third of the global LNG market by 2031. The projected benefits include a contribution of $1.4 trillion to GDP from 2025 to 2040, supporting an average of 555,000 jobs annually, and generating significant tax revenue.
Contrary to claims that LNG exports would inflate domestic prices, prices have remained low due to broader market dynamics, with infrastructure challenges causing spikes in certain regions. The costs of restricting U.S. LNG would not only impact Americans but could lead to higher prices for allies and strengthen adversaries like Russia.
Author: Kendall Stephenson, Executive Director, International Energy, U.S. Chamber of Commerce’s Global Energy Institute.
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