U.S. LNG Boom to Become Second-Largest Export Industry by 2031
The U.S. liquefied natural gas (LNG) industry is growing faster than expected and could become the second-largest net export industry in the United States by 2031, according to a new S&P Global Energy study.
The sector's growth is attributed to the sustained increase in export capacity, the abundance of natural gas resources, and its growing contribution to global energy security. Daniel Yergin, Vice Chairman of S&P Global, stated that the sector has exceeded initial expectations thanks to these factors.
New projections raise the economic impact of the sector, estimating that by 2040, it will generate an average of 555,000 jobs annually and contribute $1.4 trillion to the Gross Domestic Product (GDP). Gas demand for LNG exports is expected to double to reach 36 billion cubic feet per day over the next five years.
The expansion of exports would have a limited effect on U.S. consumers, with S&P Global projecting that the cost of natural gas for households would increase by just 1.6% between 2026 and 2031.