DOE report encourages LNG export - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

DOE report encourages LNG export

Posted: Updated:
  • NationalMore>>

  • Where will calorie labels appear? Not just menus

    Where will calorie labels appear? Not just menus

    Friday, April 25 2014 4:08 AM EDT2014-04-25 08:08:08 GMT
    Diners could soon see calorie counts on the menus of chain restaurants.
    Diners could soon see calorie counts on the menus of chain restaurants.
  • Cover Oregon board to decide exchange's future

    Cover Oregon board to decide exchange's future

    Friday, April 25 2014 4:07 AM EDT2014-04-25 08:07:20 GMT
    Oregon is set to make a final decision on whether to become the first state in the nation to drop its problem-plagued online health exchange and link up with the federal website.
    Oregon is set to make a final decision on whether to become the first state in the nation to drop its problem-plagued online health exchange and link up with the federal website.
  • Number of military suicides dropped last year

    Number of military suicides dropped last year

    Friday, April 25 2014 3:56 AM EDT2014-04-25 07:56:17 GMT
    Officials say suicides across the military dropped by more than 15 percent last year but rose among Army National Guard and Reserve soldiers.
    Suicides across the military dropped by more than 15 percent last year, but new detailed data reveals an increase in the number of Army National Guard and Reserve soldiers who took their own lives.

Amarillo, TX -- Increased natural gas production both in our area and across the nation could be a significant boost to the U.S. economy despite higher fuel costs.

The Department of Energy recently released a report that says if we exported more natural gas, the revenue would far outweigh the rise in fuel costs - and some of that revenue could make its way to west Texas.

The report says if and when world demand rises, U.S. production could rise along with it to meet that demand.  And although the law of supply and demand says more exports would mean higher domestic prices, the increased revenue would far outweigh those increases.

The U.S. is the world's largest producer of natural gas, and Texas is the largest producer in the nation.

Texas produces about 23 percent of the nation's natural gas, but the lion's share of that is sold off.  So until we find more ways to use natural gas, it can still serve a purpose as a relatively lucrative commodity that creates both jobs and revenue.

Vice Executive Director of the Panhandle Royalty Owners Association Wayne Hughes explains, "When that market price comes up, it increases the drilling activity, that increases the number of people employed on drilling rigs, and that money that they take home in the form of wages flows through the economy about four times before it's absorbed."

The arguments against selling our gas are higher prices here at home and national security issues by selling to more foreign countries, but Representative Mac Thornberry disputes that argument, saying, "I don't think anybody that we would sell to would pose a future national security issue; among other things, it is making them vulnerable to us if we were to cut it off."

Keep in mind this report is only a report - but research like this is used in legislative decisions.

If you'd like to see that report for yourself, follow the link attached to this story. 

  • InternationalMore>>

  • Drunken passenger causes hijack scare in Bali

    Drunken passenger causes hijack scare in Bali

    Friday, April 25 2014 4:44 AM EDT2014-04-25 08:44:37 GMT
    An airline official says a drunk passenger on a Virgin Australia flight who caused a hijack scare has been arrested for creating a disturbance after the plane landed on Indonesia's resort island of Bali.
    A drunken passenger who caused a hijack scare on a Virgin Australia flight was arrested after the plane landed on Indonesia's resort island of Bali, an airline official said Friday.
  • Baltic states lead push to cut Russia gas reliance

    Baltic states lead push to cut Russia gas reliance

    Friday, April 25 2014 4:34 AM EDT2014-04-25 08:34:34 GMT
    Later this year, a ship the size of an aircraft carrier will arrive at Lithuania's port of Klaipeda on the Baltic Sea. The 300-meter (984-foot) vessel is not a warship, but a floating natural gas import...
    Later this year, a ship the size of an aircraft carrier will arrive at Lithuania's port of Klaipeda on the Baltic Sea. The 300-meter (984-foot) vessel is not a warship, but a floating natural gas import terminal -...
  • Obama visit to South Korea tinged by mourning

    Obama visit to South Korea tinged by mourning

    Friday, April 25 2014 4:07 AM EDT2014-04-25 08:07:40 GMT
    President Barack Obama's visit to South Korea is being tinged by the nation's mourning over this month's ferry disaster.
    President Barack Obama is sitting down with South Korea's President Park Geun-hye, whose attention is unavoidably split between her economic agenda with Obama and the unfolding aftermath of a tragic ferry disaster.