A recent study reveals that if the Biden-Harris administration’s prohibition on new liquefied natural gas export permits remains in place, nearly one million jobs could be at stake over the next two decades.
A recent study by the National Association of Manufacturers and PwC, shared with Fox Business, reveals that the ban on new permits for liquefied natural gas exports could put between 515,960 and 901,250 jobs at risk over the next two decades.
Additionally, an estimated $103.9 billion in labor income could be affected. The study utilized the Energy Department’s economic outlook before the implementation of the ban by the Biden-Harris administration to assess the potential impact over the next 20 years.
According to the study, if the gas ban remains in place, it would have a significant impact on the country’s economy. It is projected that the ban would result in a reduction of the country’s potential gross domestic product by $122.5 billion to $215.7 billion in 2044.
Additionally, there would be a risk of losing $26.9 billion to $47.7 billion in tax and royalty revenues for the local, state, and federal government. This highlights the potential economic consequences of the ban and the importance of considering alternative solutions.
Jay Timmons, the CEO of the National Association of Manufacturers, emphasized the significance of an “all-of-the-above energy strategy” when comparing it to the Biden-Harris administration’s ban on liquefied natural gas export permits.
He stated that this comprehensive approach allows us to prioritize national security, economic growth, and environmental protection simultaneously. Timmons further noted that embracing American energy production unleashes tremendous potential, as highlighted by recent research.
The Biden administration is reportedly taking steps to crack down on gas-powered cars. According to reports, the administration is working on implementing stricter regulations to reduce greenhouse gas emissions from vehicles.
This move aligns with President Biden’s commitment to address climate change and transition to cleaner, more sustainable transportation options.
While details of the proposed regulations are still being worked out, it is clear that the administration is prioritizing the shift towards electric and other alternative fuel vehicles.
A study conducted by the National Association of Manufacturers revealed that in 2023, U.S. liquefied natural gas exports contributed to $23.2 billion in labor income and created 22,450 jobs. Additionally, the study found that these exports generated $11 billion in taxes and royalty revenues for the government, while adding $43.8 billion to the country’s gross domestic product.
According to Timmons, the new research highlights the negative consequences of restricting LNG exports. He emphasizes that such limitations not only put jobs and economic growth at risk but also lead other countries to rely on dirtier energy sources from adversarial nations like Russia, which further escalates national security risks.
Timmons suggests that by expanding LNG export facilities, increasing natural gas production, and promoting clean energy initiatives, we can not only fuel manufacturing and enhance the quality of life but also strengthen our security and reduce global emissions.
According to a report by Fox Business, the Biden-Harris administration put a stop to new approvals for liquefied natural gas exports to non-Free Trade Agreement countries in January. However, in July, a federal court intervened and temporarily suspended the administration’s ban after several states questioned its legality.