On the recordDecember 12, 2012
I rise to introduce the Liquefied Natural Gas, LNG, for NATO Act. The United States is in possession of vast resources that could directly contribute to the energy security of our closest NATO allies, who face over-reliance on Russian and Iranian gas sources. In 2009, the United States overtook Russia as the world's largest natural gas producer due to vast unconventional reserves. At current U.S. consumption rates, the United States possesses perhaps a century of gas supply. This development has caused U.S. natural gas prices to fall to nearly a half to a third of gas prices in other key European and Asian markets and has prompted numerous applications for export licenses of U.S. liquefied natural gas exports. Pursuant to Section 3 of the Natural Gas Act, gas exports are subject to approval by the Department of Energy's Office of Fossil Energy and the Federal Energy Regulatory Commission, which must certify that a particular export is in the U.S. public interest. For destination countries with which the United States has a free trade agreement, a presumption is created that the export is in the public interest, and the license is automatic. For non-free trade agreement nations, a study must be conducted to determine the public interest, entailing a notice and comment period. Several companies have submitted applications to retrofit U.S.…
