Unlocking Our Domestic Lng Potential Act of 2024
Floor Speech
BREAK IN TRANSCRIPT
Ms. McCOLLUM. Mr. Speaker, I rise in opposition to H.R. 7176, the Unlocking our Domestic LNG Potential Act of 2024. This bill would open the floodgates for gas exports that enrich our adversaries, raise consumer energy costs, and accelerate the climate crisis.
Mr. Speaker, why would Republicans want to export our natural resources to foreign adversaries without even considering if those exports will harm everyday Americans? This bill does just that. H.R. 7176 removes the requirement that the Department of Energy (DOE) first determine if liquified natural gas (LNG) exports are in the public interest before approving export applications to countries with whom the U.S. does not have a free trade agreement. By removing essential safeguards, this bill will allow our adversaries, like China, to purchase even more of our natural resources to use against us.
This bill is nothing more than a giant handout to Republicans' big oil and gas friends, and hardworking Americans will pay the price with higher home energy costs. H.R. 7176 is detrimental to my constituents who already have to deal with volatile fossil fuel costs and gas prices being manipulated by the Organization of the Petroleum Exporting Countries (OPEC). Big oil and gas corporations don't need another handout from Congressional Republicans. They already enjoy billions in taxpayer-funded subsidies and continue to rake in record-breaking profits.
The U.S. is the number one exporter of LNG worldwide, and U.S. exports are expected to double by the end of this decade. Last November, I joined my colleagues in the House and Senate in sending a letter to DOE urging the agency to update how it determines if new licenses for LNG exports are in the public interest. I was pleased to see the Biden administration's announcement in January that DOE would pause approvals for pending and future applications to export LNG from new projects until the agency can update the public interest analyses for authorizations. President Biden's decision will ensure that impacts on costs to American families and businesses, climate impacts, and environmental justice are factored in when approving LNG exports. I commend President Biden for his commitment to leading the way in ambitious climate action.
This is the third time that I have voted on this bill on the House Floor in the 118th Congress. For the third time, I urge my colleagues to reject H.R. 7176 and the Republicans' radical agenda that puts polluters over people.
Ms. JACKSON LEE. Mr. Speaker, I rise today in opposition to H.R. 7176--the ``Unlocking our Domestic LNG Potential Act.''
This bill, H.R. 7176, would substantially weaken the federal review and authorization process for natural gas exports.
Specifically, it removes the requirement under section 3(a) of the Natural Gas Act (NGA) that the Department of Energy first determine liquefied natural gas (LNG) exports be in the public interest before approving export applications to non-free trade agreement countries.
These determinations currently involve a review of the economic impacts, including potential changes to domestic natural gas and electricity prices on consumers and manufacturers.
They also consider the environmental impacts of the exports.
Finally, they consider potential effects on the security of the U.S. natural gas supply.
Instead of maintaining this time-tested and reliable process, this bill assumes that all LNG exports are automatically in the public interest.
This is reckless and irresponsible.
By removing a crucial safeguard for American consumers, this bill allows our adversaries, like China, to purchase even more of our energy to use against us.
Multiple analyses have found that increased LNG exports directly lead to higher natural gas prices here at home.
According to the Institute for Energy Economics and Financial Analysis, LNG exports cost American consumers over $100 billion over a 16-month period.
Over the last five years, doubling our LNG exports has led to natural gas prices more than tripling in 2022.
Expert testimony supports this conclusion as well.
On February 7, 2023, the Subcommittees on Energy, Climate, and Grid Security and Environment, Manufacturing, and Critical Materials held a joint legislative hearing entitled ``Unleashing American Energy, Lowering Energy Costs, and Strengthening Supply Chains.'' At this hearing, the Subcommittees heard testimony from Mr. Tyson Slocum.
In his written testimony, Mr. Slocum detailed how increased LNG exports have raised costs for American consumers, and that loosening the approval process for LNG exports would likely further increase the already-high prices Americans pay for heating and electricity.
Mr. Slocum also testified that increased LNG exports would further tie American natural gas prices to international natural gas prices, decreasing our economic independence and exposing Americans to increased gas price volatility.
Supporting documents entered into the record further underscored the point that a sudden decrease in U.S. LNG export capacity has historically resulted in a plunge in natural gas prices.
That is not the only problem with this negligent and short-sighted bill.
H.R. 1130 also eradicates existing protections that ensure American LNG is not being exported to rival nations against the public interest.
According to the Energy Information Administration, 13 percent of U.S. LNG exports went to China in 2021--that is over 450 billion cubic feet.
As it stands, this bill is far too overinclusive to be in the best interest of the people.
During both the Subcommittee and Full Committee markups, Democrats introduced reasonable amendments designed to address their concerns.
Democrats have tried and tried again to meet Republicans in the middle on this.
Instead of working with us, however, our colleagues across the aisle have remained entrenched.
Instead of focusing on the welfare of our American people, they are attempting to pass out a giant handout to Big Oil and Gas that will simultaneously enrich many of our economic adversaries.
Many of these companies already enjoy billions in taxpayer-funded subsidies and are taking in recordbreaking profits since Putin's invasion of Ukraine.
Republicans may point out that last month, President Biden announced a temporary pause in the Department of Energy's (DOE) approval of LNG exports while DOE completes a public interest analysis.
Importantly, however, this pause only applies to new export applications.
It does not impact currently-operating export capacity or impact capacity that is under construction, and it does not impact capacity that is permitted but has not yet started construction.
DOE's updated public interest determination is an opportunity to take long-overdue action to make sure additional exports are benefiting Americans.
This extreme bill would kill all efforts to ensure that our LNG exports are in Americans' best interests.
I will always stand behind the hardworking middle-class individuals that are the backbone of our society.
As such, I urge my colleagues to do the same and vote no on this reckless and overbroad bill.
BREAK IN TRANSCRIPT
Source