They are going to export OUR natural gas

[herm]

12 projects to export LNG ongoing

Edward Mcallister - REUTERS - May 15, 2012

Pres. Obama refuses to do anything about it. You can bet the greedy corporations dont care about higher fuel costs for Americans, and they probably will get tax benefits to do it. --Ed.


Two North American liquefied natural gas export plants were announced on Tuesday, joining a lengthening list of projects aimed at shipping surplus gas overseas.

Excelerate Energy, the U.S. liquefied natural gas company founded by Oklahoma billionaire George Kaiser, plans to develop the country's first floating LNG export plant off the Gulf Coast, while energy major Royal Dutch Shell has partnered with Asian buyers to build a plant in western Canada.

The two projects add to 10 others announced in North America over the last few years as a huge supply surge from shale deposits floods the market and pushes prices far below levels in Europe and Asia.

The export of LNG, which is natural gas cooled to a liquid for shipping, marks a stark turnaround for North American energy companies, which 10 years ago were scrambling to build import terminals before shale gas production unlocked potentially decades of supplies.

It has sparked a political debate in the United States about exporting cheap resources that could be used domestically. The Obama administration said on Monday that it does not oppose U.S. LNG exports, though it will depend on an official analysis to guide its decision on whether to allow more gas projects to proceed.

But Canada, whose vast gas reserves are stranded without demand from the amply-supplied United States, is racing to find needy buyers in Asia willing to pay dearly for the fuel. LNG prices in Asia are at four-year highs of about $18 per million British thermal units (mmBtu), while U.S. benchmark prices languish around $2.50 mmBtu, weighed down by oversupply.... [Read More]

[MikeMarsUK]

The evil buggers have been exporting our brent crude to foreigners (such as Americans) for decades, regardless of what that does to domestic fuel costs, even though it could be used domestically.


Come on Reuters, this story is just ridiculous. This is a world of global trade (and trade is, by definition, bidirectional).

[Kurz]

Last time I checked Those companies own the gas.
We as a nation have no business to tell them what they can do with it.

[08EscapeHybrid]

Well, if everyone likes, they can just burn off the surplus gas at the wellhead... Personally I don't mind exporting excess LNG. It helps offset the trade deficit caused by our oil imports.

[Blackbelt]

I am sure the price of natural gas would stabilize somewhat if demand went up. Say, if people started using it to power motor vehicles maybe?

[jpleong]

Originally Posted by Kurz

Last time I checked Those companies own the gas.
We as a nation have no business to tell them what they can do with it.

I disagree. While I have no desire to go to the Totalitarian Extreme of dictating usage, we have every right and responsibility to ensure companies use limited natural resources for the National Interest.

Have we already forgotten the lessons and consequences of unchecked business practices? Deforestation, species extinction, the Dust Bowl, etc... all happened because we let profit-minded people do whatever they want without a thought to the consequences of their actions. Companies, on the whole, bow down to the almighty profit. That is not what this nation is about, sorry. For the people, by the people. All of the people and not just a fortunate few.

JP

[JusBringIt]

I don't mind it being exported. This is how a trade system works. It's usually easier to use the stuff you find closer to home, but people do this for a living and they go where the market carries them.

[dr61]

"Pres. Obama refuses to do anything about it. You can bet the greedy corporations dont care about higher fuel costs for Americans, and they probably will get tax benefits to do it. --Ed."

So in the absence of any law allowing the President to to seize this natural gas, would you have him assume dictatorial powers? The President has repeatedly asked Congress to remove tax loopholes for the fossil fuel industry.

[herm]

He has the bully pulpit, and he can throw up all kinds of regulatory roadblocks.. dont you want $1 a gallon gasoline back?

[ksstathead]

Export instead of burning it off. Pay tax on earnings. Cut the deficit.

I don't see Dems or Repubs objecting to this export. We have more gas than we can store right now and prices are in the tank.

If you want to keep the gas in America, buy the gas. If you want a NG car, buy or convert one. It would certainly be cheaper to not export the gas if more folks would use it domestically.