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Trump advances another LNG project, drawing environmentalist ire / Photo: MANDEL NGAN - AFP
NYSE - LSE
Trump advances another LNG project, drawing environmentalist ire
President Donald Trump's administration advanced another major US natural gas export project on Wednesday, handing oil companies a win the same day as a White House meeting with industry executives.
The Energy Department approved an export authorization for the Venture Global CP2 liquefied natural gas (LNG) export project in Cameron Parish, Louisiana, drawing praise from business groups and withering criticism from environmentalists.
The project is the fifth major LNG export venture progressed since Trump returned to the White House, the Department of Energy said in a news release.
Energy Secretary Chris Wright touted the project following the late-afternoon White House meeting, which included the CEOs of ExxonMobil, Chevron and other oil giants, according to US media.
"We want to bring low cost, affordable, reliable, secure energy to Americans and our allies around the world," said Wright, who slammed former president Joe Biden's administration for suspending LNG expansions over environmental concerns.
The White House meeting comes as uncertainty around Trump's trade tariffs and threats stokes concerns about the economy slowing.
The oil industry has kept a muted public stance on Trump's myriad tariff actions, while privately expressing misgivings about the policy.
Wright and Interior Secretary Doug Burgum told reporters that dialogue on tariffs was "ongoing," while downplaying the chances that there will be a significant economic impact.
Burgum and Wright said they were committed to streamlining permitting of new petroleum projects, addressing the industry's criticism about lengthy delays due to protests from environmental groups.
Environmentalists have attacked projects like the CP2 LNG venture because of the increased pollution affecting communities near such industrial sites, while slamming LNG as exacerbating climate change.
"The Trump administration's conditional approval of CP2 illustrates everything that's wrong with Trump's fossil fuel agenda," said Allie Rosenbluth, US campaign manager for Oil Change International.
"It comes on the same day as Trump welcomes oil and gas industry donors to the White House to brag about the favors he's done them -– clear evidence of who this administration actually serves."
Mahyar Sorour of the Sierra Club called the latest LNG project approval "a disaster for local communities devastated by pollution, American consumers who will face higher costs, and the global climate crisis that will be supercharged by the project's emissions."
V.Cortes--HdM
