U.S. Exports of Liquefied Natural Gas Projected to quadruple in 2017
According to a new government report, liquefied natural gas (LNG) exports are expected to quadruple this year.
The U.S. Energy Information Administration projects gross LNG exports to average 1.9 billion cubic feet per day in 2017, well above the daily 0.5 billion cubic feet last year. Moreover, the numbers are expected to rise to 2.8 billion cubic feet as new LNG facilities come online.
The increase in international demand is driven by countries with few natural gas resources. Europe, for example, seeks to increase imports from the U.S. in order to create a more diverse gas market, which prevents over reliance on Russia. The United States is the #1 producer of natural gas, partnering with markets such as Canada and Mexico, who import the majority of the U.S.’s resource. While some groups raise concerns over possible increases in domestic price hikes due to excessive exporting of LNG, the estimates of those increases are small.
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