In October we wrote about the Biden administration’s potential impacts on the LNG industry in the months ahead.
Now, the White House is reportedly delaying a key permit for Venture Global’s CP2 LNG export project in Louisiana and directing the Department of Energy (DOE) to extend its review of the project, considering its impact on climate change, the economy, and national security.
Reported by the New York Times and Politico, representatives of the Biden administration declined to comment on the delay, which may be part of a broader consideration of changes to the DOE’s criteria for new LNG projects.
Industry representatives and environmentalists are reacting strongly. Industry groups warn of negative consequences for global energy markets and US LNG reliability, whereas environmentalists and advocates view this as a critical step towards addressing climate goals.
The American Petroleum Institute argues that halting LNG exports could benefit Russia and harm US interests.
This development comes amidst wider pressures on the Biden administration to fulfill climate promises, particularly with the upcoming presidential election
Source: Gelber & Associates
