An industrial trade group is arguing that the White House's push to increase American natural gas exports works against the "America First" agenda President Donald Trump promised the electorate in his campaign last year, according to a new report.
It's "inconsistent with President Trump's fair trade and America-first policy," Paul N. Cicio, the president of the Industrial Energy Consumers of America, said in a phone interview with Energy Voice. "It's a stunningly breathtaking amount of natural gas that could be exported."
The group wrote a letter to the White House, arguing that the export plan could drain two-thirds of the country's natural gas resources by the year 2050. This would jeopardize energy sources for the nation's manufacturing facilities and power plants.
"We remain alarmed at the volume of LNG exports that have been approved for periods of 20-30 years," the group says in its letter. "Of greatest concern is that the administration has said publicly that it will approve more applications to export" to countries have not already signed free-trade agreements with the U.S.
But according to natural gas producers, growing exports of the carbon-light fossil fuel "advances our national security interests by providing allies access to diverse sources of energy, improves the global environment and contributes to correcting the US trade deficit." Charlie Riedl of the Center for LNG, which represents global gas interests, added: ""The US has a limited window to take advantage of new demand."
Related: Goldman: $50 Oil More Profitable Than $100 Oil
Several sectors of the American economy see problems with the new president's economic plans, as well.
Oil companies are at odds with Trump regarding his idea to require pipeline companies to manufacture all parts for new projects within the U.S. Agricultural majors oppose the renegotiations of key trade deals, and oil refiners want the executive to end talks of an oil importation embargo against Venezuela.
By Zainab Calcuttawala for Oilprice.com
More Top Reads From Oilprice.com:
Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on… More
Comments