The Biden administration’s pause on liquefied pure fuel export licenses wants to finish after November’s presidential election, mentioned Ryan Lance, chief government of ConocoPhillips, the Houston-based oil and fuel producer with a rising LNG enterprise.
“Prospects are getting unsure about the place the longer term stands and producers of fuel are saying, ‘Am I going to have an outlet for my fuel?’ ” Lance mentioned in a Bloomberg TV interview Monday. “So it’s resulting in decrease ranges of exercise — present costs driving that as properly — and in case you proceed with the pause, then you definately’re feeding the subsequent cycle meaning increased fuel costs coming on account of attempting to pause this for too lengthy.”
Firms are looking for to construct extra US Gulf Coast LNG export terminals because the western world tries to wean itself off Russian fuel, however the Biden administration is worried about environmentalists criticizing the build-out of extra fossil fuel-related services.
“I get what they’re attempting to do and assess what the US market goes to appear to be,” Lance mentioned of the administration. “However you might do this in parallel — you might make these assessments on the identical time that you just’re shifting them alongside.”