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Pennsylvania’s shale gas, affordable prices, preferred over Russian gas

Representatives from about 15 European embassies were in attendance during a recent meeting of the Williamsport-Lycoming Chamber of Commerce to discuss lifting the ban of exports of U.S. crude oil and natural gas, and to tour a Halliburton (ticker: HAL) facility in Pennsylvania, reports The PA Media Group. Many of them called for the end of the export ban to ensure a reliable alternative to Russian natural gas, which they feel has stunted their growth potential.

Ivo Konstantinov, the Commercial Attaché from the Bulgarian Embassy in Washington D.C., said the “monopolistic extortion” of Russian natural gas supplies was preventing development in Bulgaria. He said that while Bulgarians like the people of Russia, “we can’t afford such an expensive friendship.”

Fred Hutchinson, executive director of LNG Allies, cited comments from a Lithuanian official who said, “we need America’s cooperation to reach our full potential, and what we need the most right now from the United States of America is competitively priced, long-term supply of natural gas.”

Benefits of lifting the export ban for Pennsylvania

Beyond the benefits that would come to Europe if the export ban was lifted, industry members also brought up what the state of Pennsylvania has to gain from the removal of the bans. Erik Milito, group director for upstream and industry operations of the American Petroleum Institute, estimated up to 60,000 jobs could be created by 2035. “On top of that would be an additional $10 million in income coming into the state,” he said.

 


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