Natural gas industry eyes increased LNG exports [audio]

The nation’s new energy secretary Ernest Moniz spoke at an energy conference today, where he told the audience that applications for new natural gas export facilities would be decided upon by the end of the year.

Gas producers want to sell their fuel overseas where it fetches a higher price. But before it gets shipped abroad, it has to be converted to its liquid form known as LNG — or liquefied natural gas. Building those facilities is expensive. The closest proposed LNG export terminal to the Marcellus Shale deposit is in Cove Point, Md. That could cost more than $3 billion dollars to develop. But domestic manufacturers and those who say U.S. security depends on keeping the fossil fuel stateside are pushing back.

StateImpact’s Susan Phillips speaks to the chief economist of the American Petroleum Institute, John Felmy about the future uses of natural gas, and the export issue.