Coming soon to the US: More LNG terminals?

(Bloomberg) — If Gary Cohn gets his way, the U.S. could be the biggest exporter of liquefied natural gas in the world.

The director of the White House’s National Economic Council — and former Goldman Sachs Group Inc. president — said the administration would step up approvals for LNG export terminals, starting with a project in the Northwest that he didn’t identify. At present, Cheniere Energy Inc. is the nation’s sole LNG exporter from the lower 48 states.

“We could be and should be the largest exporter of LNG in the world,” Cohn said at the Institute of International Finance forum in Washington. “We’re going to permit more and more of these LNG plants.”

Federal regulators are reviewing about two dozen applications from companies seeking to send America’s gas bonanza overseas. That’s putting the U.S. on course to become a net exporter of natural gas by 2018, the first time that’s happened since the 1950s.

Veresen Inc.’s Jordan Cove LNG export project in Oregon has been denied a permit twice by regulators. After Cohn’s comments, shares of the Calgary-based company jumped the most since the beginning of February. The company had no comment on Cohn’s remarks, according to Riley Hicks, a spokesman.

Bloomberg News by Ryan Collins

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    William Foran on

    Exporting LNG is a great way to level the playing field in our balance of payments. It also shows that the USA
    is behind the worlds improving environmental concerns. If we were at the front of the LNG Boom we are helping other countries to reduce emissions. The proceeds of the sale of LNG should be earmarked to reduce the Nation’s debt. Of course it will not happen just as a household who comes into money never does actually put it aside and in fact finds more and more to spend on.
    The environmentalists will find out something to complain about and try to pass legislation to stoop the movement of the gas or the building of pipelines. It was back in the 1970’s when Calf. decided to build LNG terminals to receive gas from Indonesia. Pacific Gas and Lighting prepared ship building contracts to use for delivery. Sites in Calf. were researched but the environmentalists came forward and said, “We can’t have Gas terminals in Calf. We have earthquakes here and this would cause spills and explosions.” Well Japan has LNG Terminals and they have earthquakes as well. After the debacle of the Nuclear Power Station just outside of Tokyo, Japan has drastically increased their use of LNG from AUS, Indonesia, Qatar, etc. And earthquakes come and go but never disrupt the service. So much for environmental concerns.

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