Today, U.S. Representative Blake Farenthold (TX-27) participated in a House Oversight and Government Reform Subcommittee hearing titled, "The Department of Energy's Strategy for Exporting Liquefied Natural Gas."
At the hearing, Rep. Farenthold highlighted the economic benefits of exporting liquid natural gas (LNG) and urged the Department of Energy to expedite LNG exports as a part of its comprehensive energy strategy. The U.S. is at the forefront of gas exploration and must act now, striking while the iron is hot to create the jobs and opportunity abundant natural gas creates.
"Right here at home, we have a gateway to an energy resource that is jumpstarting the economy, reducing our dependence on foreign oil, and creating jobs. Natural gas is the future of clean and efficient energy -- and ultimately a game-changer for our economy. Without exports, the price of natural gas is so low it is not economical to produce in many situations and in some cases is being wasted by flaring.
"Given that North America has more natural gas than Saudi Arabia has oil -- and the fact that it's more affordable in the U.S. than anywhere else in the world --now is the perfect time to increase exports. Considering the abundant supply in our backyard, there is no reason why we shouldn't be capitalizing on exportation to create good paying jobs in the oil patch and beyond."
Studies have shown that domestic exports of natural gas will boost our economy and strengthen trade relations with our allies. Moreover, top energy experts have estimated that we currently have a supply of 750 trillion cubic feet of natural gas, more than a 100 year supply.
Representative Farenthold also joined House colleagues in sending a letter to Energy Secretary Steven Chu, expressing his support for increasing LNG exports.