LNG Projects to Bring Economic Boom and Jobs Growth for Oil, Natural Gas Industry.
A recent ICF inc. Study commissioned by LNG Allies projects the cumulative contribution to US economic growth from the addition of more LNG plants will range from $716 billion to $1.267 trillion between 2013 and 2050. It also projected 2-3.9 million job-years from US LNG plants during that period.
Considering the value chain (LNG and US gas supply), the cumulative economic benefits from LNG exports could range $1.664-3.255 trillion and 7.346-15.459 million job-years during the 37-year period, the study indicated.
“This updated report shows LNG exports also provide important economic benefits to the US by stimulating job creation, increased economic activity, and tax revenue,” LNG Allies Pres. Fred L. Hutchison said at an Apr. 17 Capitol Hill event where the study was released.
The study began with the reference, high oil and gas, and high oil cases in the US Energy Information Administration’s 2018 Annual Energy Outlook, noted ICF Vice-Pres. Harry Vidas, who directed the research.
“Technology evolution was a relatively new major influence,” he said. “EIA basically told us that in a higher production technology environment, US LNG becomes more competitive on global markets. Higher oil and gas prices also create more opportunities for it to compete.”
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By: Nick Snow, Editor OGJ Washington
nicks@pennwell.com
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