Mr. BOUSTANY. Mr. Speaker, in 2009, the United States surpassed Russia in becoming the world's largest producer of natural gas. Due to recent technological advancements, large deposits of natural gas, mainly shale gas, are now being harvested. Through the use of hydraulic fracturing and horizontal drilling, previously inaccessible hydrocarbons are now seeing the light of day.
Having Henry Hub located in the center of the Third Congressional District, I'm fully aware that the market price of U.S. natural gas is at an all-time low and much lower than Asian and European natural gas prices. While this fact presents challenges, it also provides an opportunity for our Nation to fast become a global energy hub by exporting one of our most abundant natural resources in the form of liquified natural gas, or LNG.
With domestic demand being met, exporting LNG leads to job creation at home, a reduction in the national trade deficit, and an increase in revenues for the Federal Government. As a member of the House Ways and Means Subcommittee on Trade, these are all value-added benefits for our Nation.
The domestic natural gas boom presents the United States with an enormous economic opportunity and geopolitical opportunity. Our Nation should seize this opportunity and not let it pass. It's in the public interest.