The U.S. energy is on the verge of entering the golden era as promoted by President Donald Trump on Thursday. The President hopes to assert power abroad through energy exports.
President Trump termed the move as a policy of energy dominance, Trump re-branded efforts to export liquefied natural gas (LNG) to markets in Eastern Europe and Asia that had been set in motion during the previous presidential administration.
U.S. will also offer to export coal to Ukraine, where energy consumers often have suffered from cuts in natural gas supply by Russia.
Mr. Trump was speaking at an event at the Department of Energy, in attendance were the oil and coal executives and union members who build pipelines. He emphasized that America will export its energy all around the world.
U.S. LNG exports will also be promoted by President Trump at a meeting next week in Warsaw with a dozen leaders from central and eastern Europe, a region heavily reliant on Russian supplies. Trump then will meet Russian President Vladimir Putin on the sidelines of a Group of 20 summits in Germany, in the first meeting between the two leaders, coming amid rising tensions over interference in the 2016 U.S. election.
The United States has been a major importer of natural gas. However, it is set to become a net exporter of gas later this year or in 2018 thanks to the boom in fracking in states such as Texas and Pennsylvania.
There is currently one operating U.S. LNG exporting facility in Sabine Pass, Louisiana, with four others currently under construction that are expected to become operational between 2018 and 2020.
Despite Trump’s efforts to boost LNG exports, U.S will compete for markets with Australia, Qatar, and Russia, other major gas producers. U.S. crude oil exports have also risen after former President Barack Obama signed a law in 2015 allowing the shipments.
Energy Secretary Rick Perry said at the event that energy exports will strengthen ties with allies. Meanwhile, the Energy Department on Thursday approved additional LNG exports from the Lake Charles project in Louisiana, which is under development.
Trump announced plans to offer coal exports to Ukraine, as well as lift restrictions on U.S. lending for coal projects overseas. A review of the nuclear power industry is set to be launched by Trump’s administration. Trump's 2018 budget included $120 million for addressing nuclear waste at Nevada's Yucca Mountain and other projects