The U.S. Department of Energy released a report on the assessment of U.S. LNG exports on the 17th. U.S. Energy Secretary Jennifer Granholm issued a statement saying that "unrestricted exports" of LNG could push up U.S. domestic energy prices, and the next government should be cautious when issuing new gas export licenses.
U.S. LNG exports have grown exponentially over the past decade. Granholm said that according to the current growth trajectory, U.S. LNG exports will soon exceed global demand. Increasing natural gas exports can create more wealth for the LNG industry, but American consumers and others will pay the price.
The report analyzes the impact of U.S. LNG exports on the economy and other aspects. Granholm cited the report's prediction that without restrictions on LNG exports, U.S. domestic natural gas wholesale prices will rise by 31% by 2050, increasing U.S. households' annual natural gas expenditures by more than $100, and natural gas power generation costs and consumer goods costs passed on by manufacturing will also rise accordingly.
The public comment period for this report will last until mid-February next year. Granholm said the final decision on whether the United States will expand LNG exports will be in the hands of the next government.
The U.S. government suspended issuing new licenses for LNG export projects in January this year. During his campaign, U.S. President-elect Trump promised to lift the suspension immediately after taking office next year.
In 2023, the United States was the world's largest LNG exporter. According to media reports, the United States will continue to be the largest LNG exporter in 2024. The U.S. Energy Information Administration's Short-Term Energy Outlook report released this month predicts that U.S. LNG exports will increase by 15% next year.
