The American Petroleum Institute (API) recently praised the U.S. House for passing the Energy Policy Modernization Act -- an amendment to a larger energy bill -- lauding the act's provisions for expedited natural gas pipeline and liquid natural gas (LNG) export-permitting processes.
House and Senate representatives now must hammer out differences and formulate the final version of the larger bill, the North American Energy Security and Infrastructure Act.
“It’s time for our nation to fully embrace the vast economic and geopolitical opportunities unleashed by the U.S. energy renaissance,” API Executive Vice President Louis Finkel said. “Allowing American natural gas to compete in the world market will create jobs; ensure that consumers across the globe have access to stable, diverse energy supplies; and enhance national security.”
The organization also highlighted the important role LNG can play in reducing greenhouse gas emissions and the amendment’s important focus on infrastructure, including pipelines and provisions to ensure that they receive realistic approval deadlines.
“A recent IHS study estimates that nearly 1.9 million job opportunities could be created through 2035 in America’s oil, natural gas and petrochemicals industries,” Finkel said. “These are good-paying careers that pay an average of nearly $50,000 higher than the U.S. average. This legislation promotes education and workforce training and development, which will help ensure that underrepresented communities have competitive access to job opportunities in the energy sector.”