(NAM) WASHINGTON, D.C. – As the Biden administration continues its efforts to boost the availability of clean energy in the United States and around the world, NAM says that an ongoing pause in liquefied natural gas export licenses threatens economic stability as well as progress made by manufacturers in America. A staggering 900,000 jobs could be at risk according to a new study released today by the National Association of Manufacturers.
“With LNG exports, we do not have to choose between what’s good for the economy and good for the planet. Today’s research shows the massive opportunity America has when we unleash our economic and energy potential. LNG exports also play a key role in meeting clean energy goals. But clamping down on our energy sector unnecessarily puts jobs and economic growth at risk, while pushing other nations to use higher emissions alternatives,” said NAM President and CEO Jay Timmons. “Building LNG export facilities and expanding natural gas production are not just good for our industry—they also cut emissions and help power manufacturing around the world.”
Conducted in partnership with PwC, the analysis uses the government’s own projections to conclude that robust LNG export activities could contribute up to $216 billion to U.S. GDP and generate $46 billion in tax revenue in 2044 if projects proceed as planned. A pause on LNG exports threatens these gains.
Timmons added, “The Biden administration’s ill-advised decision to stop LNG exports could cost Americans dearly, while leaving our geopolitical allies—particularly in Europe—out in the cold. The data is clear: halting LNG export licenses puts nearly a million jobs at risk. The LNG freeze also deprives us of an important tool of soft power to bolster trading partners who share our values. This study provides policymakers—present and future—a clear path to create jobs and hundreds of billions of dollars in economic growth by harnessing America’s abundant supply of LNG.”
Current Economic Benefits by the Numbers:
- Job creation: U.S. LNG exports support 222,450 jobs, resulting in $23.2 billion in labor income.
- Economic output: The LNG industry contributes $43.8 billion to U.S. GDP.
- Tax revenue: Federal, state and local governments receive $11.0 billion in tax revenues, thanks to U.S. LNG exports.
Future Benefits Undermined by an LNG Export Ban:
- Jobs threatened: Between 515,960 and 901,250 jobs, resulting in $59.0 billion to $103.9 billion in labor income, would be at risk if the ban on U.S. LNG exports continues through 2044.
- The economic fallout: An LNG export ban would stifle between $122.5 billion and $215.7 billion in annual contributions to U.S. GDP during the same period.
- Communities shortchanged: Between $26.9 billion and $47.7 billion in tax and royalty revenues meant to benefit communities across the United States would also be at risk in 2044.