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Biden hits pause on LNG export approvals

Naijasoundbaze

28 Jan, 2024

President Joe Biden halted approvals for new export plans of liquefied natural gas (LNG) projects yesterday. Environmentalists have applauded the decision, while the oil and gas sector has expressed concerns about fuel prices and reliability.

The pause allows the Department of Energy (DOE) to assess the economic and environmental impacts of projects seeking approval to export LNG to Europe and Asia.

Energy Secretary Jennifer Granholm stated that the review will take months, followed by a public comment period. She clarified that the pause won’t affect existing authorizations or exports to allies.

The LNG export halt comes as Biden readies for reelection this year.

Affected projects
The pause will specifically impact only four projects with pending export approvals at the DOE, including those by Sempra Infrastructure, Commonwealth LNG and Energy Transfer.

Notably, a $10 billion LNG export terminal in Louisiana, facing scrutiny for environmental consequences, could face challenges due to this decision.

Critics of the move, including House Speaker Mike Johnson and Mike Sommers of the American Petroleum Institute, claim it hampers economic growth and benefits Russia.

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