Louisiana natural gas industry is big winner in U.S., E.U. trade agreements

Posted at 6:24 PM, Jul 26, 2018
and last updated 2018-07-26 19:24:12-04

The European Union is looking to invest in Louisiana’s liquefied natural gas industry. The decision comes after a Wednesday Rose Garden meeting between President Trump and European Union President Jean-Claude Junker.

Both men vowed to pull back from increased tariffs over autos and steel to begin a new phase in the allied partnership. Included in the joint statement by Junker and Trump, the E.U.’s commitment to increase its purchasing of soybeans and liquefied natural gas. Two industries with big ties to Louisiana.

"The European Union wants to import more liquefied natural gas, LNG, from the United States. And they’re going to be a very very big buyer," said Trump.

"I mean we’re talking over $88 billion dollars worth of investment that’s going on right now," said President of the Louisiana Oil & Gas Association Gifford Briggs. "And having a new market that’s being welcomed with open arms to be able to take natural gas and that’s converted into liquefied natural gas and export it, is good news for the us," Briggs said.

According to a 2016 study by Eurostat, 12 European nations relied on more than 75% of their oil and natural gas from Russian pipelines.

"You know more export capacity certainly gives us a larger market for the natural gas that’s produced in north Louisiana. but really natural gas that’s produced all around the country that comes into Louisiana that can be converted into natural gas and exported all over the world," Briggs said.