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Representative Gene Green and Representative James Lankford issued the following joint statement on a bipartisan letter sent to Energy Secretary Chu asking his department to facilitate the approval of LNG facilities around the U.S. The letter was signed by 10 democrats and 34 republicans from Texas, Okla., La. and Ark.
“It is time to bring a renewed sense of urgency to the approval process for LNG facilities, which are part of a successful all-of-the-above energy strategy,” said Lankford. “States like Oklahoma and Texas are prime examples of the success of natural gas use in the regional energy market. The federal permitting process currently stands in the way of energy companies distributing their products in a timely manner. Without the ability to market to international customers, this could have a severe impact on production in our region.”
Data from the Department of Energy’s 2011 report, Review of Emerging Resources, US Shale Gas and Shale Oil Plays, showed trillions of cu ft of technically recoverable gas in shale bed areas across the U.S. The data also suggests that production and reserves are likely to be much higher.
“The promise and challenge of this surplus of natural gas is that it has resulted in extremely low prices for natural gas in our country,” said Green.
“While this is great for our manufacturing sector, the price has dropped so low that many producers no longer find it economically viable to produce the resource, which could eventually raise the price of natural gas for our manufacturing sector. The approval of strategically located LNG facilities would provide the market opportunities to re-incentivize this production while ensuring a stable price and supply for feedstock,” Green concluded.