👀 Ones to watch: The MOST undervalued shares to buy right nowSee Undervalued Shares

Former Trump, Bush officials urge Congress to reverse Biden's LNG pause

Published 12/02/2024, 09:04 pm
© Reuters. FILE PHOTO: Model of LNG tanker is seen in front of the U.S. flag in this illustration taken May 19, 2022. REUTERS/Dado Ruvic/Illustration
NG
-

WASHINGTON (Reuters) -Dozens of former officials from the past two Republican U.S. administrations on Monday urged Congress to reverse the Biden administration's pause on approvals of liquefied natural gas exports, saying the shipments promote global stability.

President Joe Biden, a Democrat, paused approvals of exports of pending and future LNG projects to big markets in Asia and Europe late last month in order to review environmental and economic impacts of the booming business. Biden acted after pressure from environmentalists concerned about greenhouse gas emissions during the LNG lifecycle and pollution from LNG plants near vulnerable communities.

The 35 officials, including Rick Perry and Dan Brouillette, energy secretaries under former President Donald Trump, wrote to lawmakers heading energy and foreign affairs committees in the House of Representatives and Senate.

"It is imperative that we reverse this action and continue to advance our economic, energy, and geopolitical interests while leading on environmental progress," the former officials said in the letter.

U.S. LNG exports to Europe rose after Russia invaded Ukraine in 2022, and they are expected to double by the end of the decade on exports already approved.

The U.S. House is set to vote on a bill that would strip the Department of Energy's power to approve the exports and give it to the independent Federal Energy Regulatory Commission.

Representative August Pfluger, the sponsor of the bill, said he met with German parliament members last week who were surprised by Biden's move because they had cut imports of Russian gas.

Handing the decision to FERC, "a more independent organization that can make less partisan decisions, seems to be the only recourse that we have right now," Pfluger told Reuters.

The legislation would likely struggle in the Senate, controlled by Democrats, and some lawmakers have been wary of it. Senator Joe Manchin, a Democrat who opposes the pause, told reporters last week he is not looking at "taking anyone's authority away."

© Reuters. FILE PHOTO: Model of LNG tanker is seen in front of the U.S. flag in this illustration taken May 19, 2022. REUTERS/Dado Ruvic/Illustration

The letter was also sent to Biden administration officials.

Deputy Energy Secretary David Turk told reporters last week that as the administration talks with allies and partners about the pause, "we feel very comfortable" about their gas supply going forward.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.