NEW YORK The House Energy and Power Subcommittee has scheduled a March 25 hearing to review a bill that could significantly expedite U.S. liquefied natural gas (LNG) exports due to the crisis in Crimea.
President Obama ... said that were going to stand firm in our unwavering support for Ukraine. That should include unlocking U.S. natural gas supplies to help free Ukraine and other European nations from Russias influence, Rep. Cory Gardner (R., Colo.) said in a statement.
The Domestic Prosperity and Global Freedom Act would grant export approval to all pending LNG export applications for which a notice has been published in the Federal Register as of March 6.
The legislation would also modify the standard of review for future export applications, shifting the benchmark from free-trade agreement (FTA) countries to World Trade Organization (WTO) members.
All LNG exports to non-FTA countries must be approved by the Energy Department, a process characterized by extensive delays, according to the House Energy and Commerce Committee.
The department has approved six export licenses to non-FTA countries, with 24 pending.
Legislation calling for expedited LNG exports to the Ukraine are a false hope, Americas Energy Advantage said in a statement, noting that completing costly LNG export terminals will take years, and market forcesnot policy interestswill dictate the destination of exports. AEAs members include Charlotte, N.C.-based steelmaker Nucor Corp. and Pittsburgh-based aluminum producer Alcoa Inc.
Unchecked LNG exports will also raise prices for domestic consumers and could put the United States manufacturing renaissance in peril, AEA said.