If the Biden-Harris government’s ban on new liquefied natural gas trade permits is no overturned, a new study indicates that nearly one million jobs could be in danger over the next 20 years.
According to a study conducted by the National Association of Manufacturers and Accenture, anywhere from 515, 960, and 901, 250 work, along with$ 103.9 billion in labour income, could be in danger if the ban on new allows for liquefied natural gas imports is enforced for the next two decades. According to Fox Business, the new study used the Energy Department’s financial view prior to the Biden-Harris government’s restrictions to assess the potential influence over the next 20 years.
The study also indicated that the administration’s ban would reduce the country’s possible gross domestic product by$ 122.5 billion and$ 215.7 billion in 2044, while$ 26.9 billion to$ 47.7 billion in taxes and royalty revenues to the local, state, and federal government would be at risk if the gas ban remains in place.
Contrasting an “all-of-the-above energy strategy” with the Biden-Harris administration’s liquefied natural gas export permit ban, National Association of Manufacturers CEO Jay Timmons told Fox Business,” With an all-of-the-above energy strategy, we do n’t have to choose between national security, economic growth, and environmental protection—they go hand in hand. The enormous potential that we can uncover when we adopt American energy production is highlighted by today’s research.
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According to Fox Business, the National Association of Manufacturers research found that exports of liquefied natural gas generated$ 23.25 billion in labour income and created 22, 450 work in 2023. Additionally, according to the study, liquefied natural gas exports added$ 43.8 billion to the government’s gross domestic product and provided$ 11 billion in taxes and royalty revenues.
Our recent research makes it abundantly clear that restricting LNG exports threatens employment and economic growth. Additionally, it makes other countries rely on dirtier alternatives from adversarial countries like Russia, which only makes things worse, according to Timmons, according to Fox Business. ” By expanding LNG export facilities, increasing natural gas production, and supporting clean energy initiatives, we can power manufacturing, improve the quality of life, boost our security and reduce emissions across the globe”.
In January, the Biden-Harris administration halted new permits for liquified natural gas exports to nations outside the Free Trade Agreement. However, a federal court temporarily halted the administration’s ban in July after numerous states argued that it was unlawful.