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The US is poised to become a net exporter of fracked gas in 2015
The US has now moved to a position where it can export fracked natural gas. Cheniere Energy, a company which initially spent $2bn building a natural gas import terminal is now building an export terminal, expected to be finished this year, allowing it to sell liquefied natural gas to other countries. The company’s Sabine Pass facility got the first approval from the Department of Energy to export to any country in the world. CEO Charif Souki said, “It’s a revolutionary thing, absolutely astonishing, that America will be an exporter of hydrocarbons…The impact we’re having on the rest of the world sometimes surprises us. We’re going to represent 25 percent of the gas sold to Spain. We’re going to feed enough gas to England to heat 1.8 million homes.” Cheniere says it will be the largest buyer of US natural gas by 2020, with its liquefaction plants allowing it to ship 6% of US gas production.
Title: History and projections of shale gas, 1990-2040, trillion cubic feet
However, some aren’t happy about the plan to export fracked gas. Andrew Liveris, CEO of Dow Chemical, an energy-intensive company which uses the equivalent of 850,000 barrels of oil a day, said, ” When natural gas is not exported or burned for energy but instead used as an ingredient in manufacturing processes, it creates eight times more value across the economy and five times the number of jobs in the supply chain.” Dow stands to gain if fracked gas is kept within the US, as it benefits from low prices.