As the U.S. produces more of its own energy, pressure is mounting on the federal government to move quickly to export its natural gas bounty-a move that has encountered stiff resistance from some energy market players.
Natural gas, an abundant fuel source that is cheaper and cleaner than standard gasoline, is increasingly seen as a successor to diesel and regular gas, particularly as the world’s largest economy produces more of it.
The recent surge in shale oil production has turned the U.S. from an importer of natural gas into a producer creating upwards of 2 million barrels per day, according to the Energy Information Administration.
That surplus has sparked a wide debate about how the U.S. should deploy natural gas for its economic benefit. At Bloomberg’s New Energy Finance conference this week, natural gas exports was a hot topic among several participants.
“I believe very strongly in free trade and the responsible development of American energy exports, with an eye toward job creation and increased prosperity,” Alaska Senator Lisa Murkowski, the ranking Republican on the Senate Energy Committee, told conference participants.
At the Bloomberg conference, the head of energy giant Hess’ natural gas unit expressed hope that the Department of Energy would approve a Hess export facility soon.
The agency is finding itself fielding a growing number of requests to expedite the process, which would sanction more U.S. companies as natural gas exporters.
Read the rest of this article on CNBC’s website here.
More from CNBC:
