From the Center for Liquified Natural Gas today: American Chemistry Council supports international LNG shipments.
Here is the statement: In recent months, more and more American businesses and industries have voiced their support for natural gas exports as a unique opportunity that will create jobs and stimulate our economy.
According to officials with the American Chemistry Council (ACC), thanks to technological advances, the United States will have plenty of natural gas to both manufacture chemicals and plastics, as well as to export as liquefied natural gas.
“[W]e put our confidence in the free market to determine natural gas supply and demand. We would oppose legislation that attempts to restrict exports of natural gas,” said ACC President and CEO Cal Dooley.
Opening up new markets for U.S. products such as LNG is an economic winner for the United States, and precisely why President Obama’s National Export Initiative seeks to double U.S. exports overall by 2015.
Our goal should be a growing economy; to get there we must allow the economy to grow.
In 2011, the U.S. trade deficit in goods and services was $558 billion, the highest since 2008. Authorizing the export of LNG will expand the benefits of U.S. trade and reduce our overall trade deficit.
“We’re convinced that the supply of natural gas will meet demand,” Dooley said. “We’re seeing a tidal wave of new investment in chemical manufacturing in the United States, but … we look at the forces of supply and demand as being the best dictator of how we allocate that.”
The recent increase in domestic gas production represents a positive catalyst for the domestic petrochemical industry, already reversing a decades-long decline. In fact, according to ACC officials, chemical and related industries have announced $45 billion in projects over the next several years.
ACC chief economist Kevin Swift explains: “Shale gas offers a new era of American competitiveness that will lead to greater investment, industry growth, and employment.”
Increased natural gas demand, driven by LNG exports, will also play an important role in increasing the availability of natural gas liquids (NGLs) such as ethane, propane and butane. This additional feedstock of natural gas products will have positive impacts throughout the value chain of several manufacturing sectors, given that chemicals are used in an estimated 90 percent of all manufactured products.
Chemical manufacturers in the United States contribute enormously to our economy, and are responsible for thousands of jobs across the country. Given these facts, it’s important to note that allowing LNG exports will enhance the recent gains made by the American chemical and manufacturing industries.
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