Natural Gas News – September 21, 2021
Natural Gas News – September 21, 2021
Industrials group points to winter gas price increase to push for limits on US
Seizing on higher US natural gas prices expected this winter, a group of industrial manufacturers is making a pitch for the Department of Energy to limit LNG exports and put a hold on some pending export project authorizations. “We urge you to take immediate action under the Natural Gas Act to prevent a supply crisis and price spikes for consumers this winter by requiring LNG exporters to reduce export rates … to allow US inventories to reach the five-year average storage levels,” the Industrial Energy Consumers of America wrote in a Sept. 17 letter to Energy Secretary Jennifer Granholm. The group also asked DOE to place all “existing, pending, and prefiling permits and approvals” in export facilities in the Lower-48 states, and review whether the facilities are in the public interest. IECA has long opposed the …
Two Industries Getting Slammed By Sky High Oil And Natural Gas Prices
A cross-section of Wall Street experts has been downplaying the recent surge in oil prices, saying that it’s unlikely to hurt the global recovery. One indicator that lends credence to this claim is the oil load, or the cost of oil as a proportion of gross domestic product. According to Morgan Stanley, the oil load–which is an indicator of the impact of oil on growth–is expected to reach 2.8% of global GDP in 2021, significantly lower than the long-term average of 3.2%, assuming an average oil price of $ 75 per barrel this year. But that does not in any way mean that nobody is going to get hurt by the oil price trajectory. Some sectors of the economy are feeling the effects of high oil and natural gas prices keenly, with businesses being forced to delay major projects or even close down a…
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