A recent study conducted by Wood Mackenzie has revealed that the demand for U.S.-based liquid natural gas (LNG) is steadily increasing, particularly in Asia, despite efforts by environmentalists and the Biden administration to promote renewable energy sources. The survey predicts that LNG demand in Asia could double by 2050, providing an affordable alternative to coal, which is currently the dominant electricity source in the region.
The United States is the largest exporter of LNG in the world, with exports surging in 2022 as countries moved away from Russian LNG following the invasion of Ukraine. The Biden administration implemented a temporary pause on new LNG exports and halted approvals for new export terminals earlier this year, citing concerns about climate change and carbon emissions.
As developing nations in Asia face challenges with renewable energy projects, experts warn that an American LNG pause could result in increased LNG prices and a shift back to coal, which is cheaper but more harmful to the environment. Advocates for the energy industry are urging the end of the pause to restart energy infrastructure projects and strengthen the U.S. economy.
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