US LNG Exports Could Drive $3.3 Trillion in Benefits

LNG exports from the US over the next three decades could drive cumulative economic benefits of nearly $3.3 trillion, according to a study released April 17 by consultant ICF.

Using three scenarios in the US Energy Information Administration’s latest Annual Energy Outlook, the study, prepared for LNG Allies (The US LNG Association) found that the cumulative economic impact from LNG plants between 2013 and 2050 would range from $716bn to $1.27 trillion. Incorporating benefits from the entire LNG value chain, including supplying natural gas to the plants, boosts the range to between $1.66 trillion and $3.25 trillion, the study said.

LNG plants over the study period would support between 2mn and 3.9mn job-years, while factoring in the full LNG supply chain would increase the jobs impact to between 5.35mn and 11.55mn job-years.

“US LNG exports are driving the transformation of the international gas trade to an increasingly well-connected global market,” LNG Allies CEO Fred Hutchison said. “This updated report shows LNG exports also provide important economic benefits to the United States, by stimulating job creation, increased economic activity, and tax revenues.”