Listen up you fracking insurgents! The real reason the Big Gas Mafia has to wage war on the American public.
My colleague, Aaron Mintze has the inside scoop:
Yesterday, I attended a hearing of the US Senate’s Energy and Natural Resources Committee. The topic: Markets for Exporting LNG. Apparently, we have come full circle. In the last few years, the proliferation of fracking wells has unleashed a boom of natural gas supply in the United States. So, we’re no longer talking about importing LNG and a number of these facilities are applying to convert to export terminals. The environmental implications surrounding this policy shift are substantial. Clearly, a profitable market for LNG exports means more domestic drilling. With it, greater air pollution, water use, and potentially earthquakes and water contamination.
But since the hearing did not address the effects of increased drilling on communities and the environment, let’s put that issue aside for a moment. The real focus of this hearing was money. Inquiring minds want to know, what will happen to domestic energy prices if we’re shipping our LNG to Asia? The answer: I dunno. The Energy Information Administration will release its study on this topic during the first quarter of next year. It’s pretty clear from the industry enthusiasm that some folks will likely make plenty of money on this gambit. Senator Ron Wyden (D-OR) expressed his concern that exporting LNG is going to make the natural gas market as volatile as that for oil. He supports a moratorium on new permits to export LNG until we better understand the environmental and economic impacts. MORE…