Of Note: America’s recent domestic energy boom has largely been driven by shale formations — which yield oil and natural gas reserves accessible through innovations in extraction technologies. Over the past six years (as of 2015), increased energy production has added $300 billion to the U.S. economy and created 2 million jobs. In 2013 alone there were new natural gas reserves discovered that totaled 53 trillion cubic feet.

The future of energy consumption in the U.S. has been dramatically altered by this shift, especially as it relates to natural gas. The Energy Information Administration, which tracks trends in energy production and consumption in the U.S., anticipates that natural gas, renewable energy sources, and liquid biofuels will provide for a greater share of U.S. energy consumption as petroleum declines.

LNG exports would offer two major benefits. It would boost the U.S. economy through the construction and staffing of export facilities, such as the $12 billion Sabine Pass facility in Louisiana (which transitioned from an import facility as U.S. reserves increased). Exporting natural gas would also help U.S. trade partners in Europe and Asia, especially as Russia has diverted its natural gas pipelines from Ukraine to Turkey, threatening western Europe’s supply.

However, there are concerns that exporting natural gas could slightly increase domestic prices. This is in addition to concerns about the extraction process and fracking’s potential impact on water sources. While natural gas emits fewer greenhouse gases than petroleum and coal, it is still not as “green” as renewable sources.

Media:

• Sponsoring Rep. Bill Johnson (R-OH) Press Release
• House Energy & Commerce Committee Fact Sheet
• North American Shale Blog (In Favor)
• Bloomberg Businessweek (Context)
• National Taxpayers Union