Lubbock Times

The National Association of Manufacturers has released a report titled "Economic Benefits of U.S. LNG Exports," detailing the impact of American liquefied natural gas (LNG) on the economy and the potential consequences of the Biden-Harris administration's ban on LNG export permits.

According to the report, U.S. LNG exports currently support 222,450 jobs, contributing $23.2 billion in labor income and adding $43.8 billion in value to the American economy. The study suggests that if the January 2024 ban on LNG exports continues, it could result in an estimated loss of 900,000 jobs and $216 billion in economic growth by 2044. Additionally, American communities might lose $48 billion in tax and royalty revenues.

In response to these findings, House Budget Chairman Jodey Arrington led a bipartisan effort with over 50 colleagues urging the White House to expedite approvals for new LNG export permits after a federal judge blocked the administration's ban.

"Since their first day in office, President Biden and Vice President Harris have launched a unilateral assault on American oil and gas, choking the lifeblood of our economy, crushing consumers with high energy costs, and sending oil production overseas – enriching our adversaries like Russia and China," said Chairman Arrington in a July statement. "Thankfully, the Biden-Harris ban on American LNG export permits was blocked. Yet, their administration is still dragging its heels on approving these permits in an attempt to placate the far-Left. It’s critical that the DOE swiftly approve stalled export permit applications to strengthen our economy, bolster our energy security, and restore American energy dominance."