Biden's LNG Study Warns of $100 Annual Increase in Household Costs, Displacement of Renewables

Dec 17, 2024, 07:19 PM

The Biden administration has released a comprehensive study on the impact of U.S. liquefied natural gas (LNG) exports, concluding that unfettered exports could significantly increase domestic natural gas prices by over 30% and greenhouse gas emissions. The study, which was the basis for a pause on new LNG export permits earlier this year, suggests that unrestricted exports would raise the average American household's energy costs by over $100 annually by 2050. It also warns that increased LNG exports could displace more renewable energy sources globally than coal, potentially leading to higher net emissions, with an estimated $125 billion increase in energy costs for the industrial sector from 2020 to 2050. In 4 of 5 modeling scenarios, the amounts already approved for export will be sufficient to meet global demand for decades. The report's findings are expected to influence future decisions on LNG export authorizations, with implications for both domestic energy prices and global climate efforts.