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Storm system to exit US, leaving behind at least 39 dead and vast destruction from tornadoes, wildfires and dust storms; ME farmers, others hurt by USDA freeze on funding grants; SNAP, Medicaid cuts would strain PA emergency food system; Trash 2 Trends: Turning garbage into glamour to fight climate change.

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Secretary of State Rubio pledges more arrests like that of student activist Mahmoud Khalil. Former EPA directors sound the alarm on Lee Zeldin's deregulation plans, and lack of opportunity is pushing rural Gen Zers out of their communities.

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Farmers worry promised federal reimbursements aren't coming while fears mount that the Trump administration's efforts to raise cash means the sale of public lands, and rural America's shortage of doctors has many physicians skipping retirement.

Decreased demand for liquefied natural gas could impact TX economy

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Tuesday, June 4, 2024   

Workers in the oil and gas industry are warily monitoring the supply and demand of liquefied natural gas, or LNG. Texas is one of the largest producers of LNG in the country and a report from the nonprofit Institute for Energy Economics and Financial Analysis shows while there is a surplus of the fuel, demand for the product is declining.

Sam Reynolds, research lead for the Institute for Energy Economics and Financial Analysis and report co-author, said current and future operations in the Lone Star State could be adversely impacted.

"There are currently five LNG projects under construction primarily in Texas and Louisiana. You've got the Golden Pass LNG facility, the Rio Grande LNG facility, Port Author in Texas as well as the Corpus Christi LNG facility," he explained.

The Texas oil and gas industry pumps more than $26 million in state and local taxes into the state's economy annually.

Because of the decrease in demand for liquefied natural gas, the Biden administration has paused new LNG export projects that are not already under construction to assess the impact on the international market. Reynolds said the demand for the fuel started declining following Russia's invasion of Ukraine in 2022.

"Prices for LNG skyrocketed, globally. LNG became one of the most expensive fuels available," he continued. "And as a result, countries in Europe, countries in northeast Asia really strengthened their or accelerated measures to reduce their dependence on LNG. "

The United States started its first LNG export terminal in 2016 and is now the world's largest supplier of the fuel, followed by Qatar and Australia.

Disclosure: Institute for Energy Economics and Financial Analysis contributes to our fund for reporting on Budget Policy & Priorities, Energy Policy, Environment, Urban Planning/Transportation. If you would like to help support news in the public interest, click here.


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