In a move that further exemplifies why we must redirect our government in order to restore our economy, U.S. Rep. Ed Markey has decided to fight the law of supply & demand. His consistent failure to understand basic economics damages our economy - in this instance, by stifling job creation and energy independence.
In a letter to Energy Secretary Steven Chu, Markey questioned the impact of allowing U.S. companies to export liquefied natural gas with the following statement:
'I am worried that exporting America's natural gas would raise energy costs for American consumers, reduce the global competitiveness of U.S. businesses, make us more dependent on foreign sources of energy, and slow our transition away from dirtier fuels.'
This statement is another example of how career politicians like Markey are holding our economy back. Recent advances in natural gas exploration have brought us to the point of oversupply in the U.S. market. This situation provides a unique opportunity to be a net energy exporter for LNG (liquefied natural gas). Being at a point of oversupply means that we have reached our capacity to consume LNG domestically. Mr. Markey’s proposal to artificially inhibit exports will yield the precise outcome that he allegedly wants to avoid; namely, reducing the global competitiveness of U.S. businesses.
Last year, in an $8 billion 20-year deal, the Energy Department approved the first application by Cheniere Energy to export LNG to the UK. This is a step in the right direction. Other countries will start sending their money to us instead of us sending our money overseas.
Natural gas is cleaner than oil. It is also more abundant than oil in the United States and it provides an excellent vehicle for job creation. As we speak, many LNG import sites across the U.S. largely sit idle as exporters (to the U.S.) shift their LNG supplies to emerging markets that will pay a premium for natural gas. Among the sites built on the anticipation of large LNG imports is SUEZ Energy North America located in Everett.
SUEZ is a natural gas importer and large contributor to Mr. Markey’s campaign.
Now imagine if the Everett LNG import site became an export site. Imagine hundreds of workers becoming employed in the conversion process from importer to exporter. Imagine job growth in and around Boston if it became a hub for energy exports, with every tanker that passes through Boston harbor another reminder of economic growth here in America. This isn’t a far fetched concept.
Right now, Dominion Resources Inc (D.N) is considering plans to build a liquefied natural gas export plant on the site of its existing import terminal at Cove Point, Maryland, by 2015. Southern Union Co. is launching similar plans at their Lake Charles, La., LNG import terminal as well.
What is standing in the way? Rep. Markey.
Career politicians like Markey (who was elected in 1976, the year I was born) are fundamentally incapable of grasping the negative effects of blocking incredible opportunities such as these.
In addition to his myopic view of energy development here in the U.S., Markey is engaged in a serious conflict of interest by sitting on both the House Energy and Commerce Committee and the Natural Resources Committee, attempting to regulate the energy industry while accepting campaign contributions from its lobbyists.
Besides SUEZ Energy, Markey has accepted contributions from Chesapeake Energy, Interstate Natural Gas Assn of America, Spectra Energy and Washington Gas Light Co., all companies within the natural gas sector.
Accepting contributions from these companies is not illegal, but threatening them with adverse legislation, application delays or public scorn is tantamount to a shakedown. This is just the latest demonstration of Markey’s questionable ethics. There are numerous others, including examples relating to the solar and telecommunications industries.
For the sake of our national economy, and to help the hard working men and women who are struggling to find a job in Massachusetts’ 5th District and across the country, it is high time that we voted Markey out of office. I look forward to being the candidate to make it happen.
Semon (pronounced Simone) is a candidate for Congress in 5th Congressional District. A graduate of the University of Massachusetts, Amherst - School of Management, Semon is a senior business analyst. He and his wife Nicole live in Lexington and recently had their first child Eleanor in December.
Submitted by the Committee to Elect Jeff Semon