Biden Halts LNG Exports Amid Energy Market Instability

by / ⠀Featured News / March 18, 2024
"Biden Halts Exports"

On March 15, 2024 President Biden put a temporary halt on exports of Liquefied Natural Gas (LNG) to non-Free Trade Agreement (non-FTA) countries. This move was made as an attempt to stabilize the domestic energy market in the United States during a period of mounting global fuel prices.

Various reactions greeted this decision with some rallying behind the suspension, pointing out the potential boost for national security and economic stability. However, critics flagged the possible strain on foreign relations and trade.

This suspension is set for a review after 90 days to assess its impact on both global and domestic energy markets. This announcement drew an objection from House Republicans who are lining up a slew of legislative measures for the coming week to oppose the administration’s energy policies.

The opposition’s actions are focused on mitigating any potentially negative impacts on the fossil fuel industry. They express concerns over possible job losses and economic fallout, and are eager to achieve a balance between environmental responsibility and economic viability.

Several strategies are being proposed, such as repealing the natural gas tax currently in effect, prohibiting a fracking ban, and limiting green energy projects run by the Environmental Protection Agency. These propositions have gathered momentum due to the varied reactions they’ve ignited across different societal sectors.

Environmental activist groups, however, worry about the consequences for clean energy initiatives and efforts to combat climate change. They caution against any suppression of green energy projects, arguing it would undo the strides made in reducing carbon emissions.

The Biden administration stands in stark opposition to these proposed bills, maintaining a commitment to clean energy, sustainability, and a substantial reduction in emissions. If these bills are passed, they could substantially alter the national energy landscape, and throw a wrench into the U.S’s dedication to mitigating climate change.

Other proposed changes suggest reevaluating water permit regulations, discussing the government’s power to deny oil and gas leases on specified lands, and passing resolutions against what Republicans view as the President’s “anti-American energy strategies.”

In light of this legislative activity, House Majority Leader Steve Scalise declared the upcoming time period as “Energy Week” in the House, promising legislation that advances American energy and lessens household expenses. He hopes this initiative will stir up robust conversations about U.S energy policy and lead to a broader understanding about the necessity of a sustainable energy policy for America’s economic growth and stability.

Scalise also took a swipe at Biden for his temporary LNG export embargo, suggesting a tilt towards Russia in his energy decisions, especially considering current geopolitical tensions involving Ukraine and Russia. The White House snapped back with a fact sheet laying out the reasons for the suspension and reassured that the U.S remains a leading LNG exporter.

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April Isaacs

April Isaacs is a freelance writer and editor with over 10 years of experience. From the art scene in Paris to pastures in Montana, April has covered individuals' stories and can confirm that no two stories are the same.