After reading Art Berman's excellent summary of how fast-growing U.S. natural gas exports are likely to reduce domestic supplies significantly over the next several years as shale gas output begins to decline, I want to assure you that everything has been going according to plan for the natural gas industry, that is, until now.
On Friday the Biden Administration announced a freeze on new permits for liquefied natural gas (LNG) export facilities that could last up to 15 months. The administration said that during the freeze it will review the environmental effects of such exports on climate and the communities in which the facilities are located. It is also possible that despite the industry's assurances, the administration may believe that supply problems and therefore higher prices lie ahead, something that voters won't like.
When U.S. oil and gas producers successfully lobbied the federal government for an end to restrictions on the export of crude oil and natural gas in the middle of the last decade, they loudly proclaimed that America could produce so much of both from the country's shale fields that the United States would have plenty left over for export—and that would boost the American economy while addressing the country's trade imbalance. They promised that this boom would go on for decades.
Of course, what those producers were really angling for was to integrate domestic oil and gas markets more fully with world markets in order to benefit from higher world prices and make a lot more money. In fairness, what they were asking for is what almost every other industry in the United States enjoys, the right to sell their products to the highest bidders no matter where those customers are on the globe.
Naturally, that argument would not have appealed to members of Congress whose constituents prefer low energy prices to high ones, so it was never advanced with any vigor.