07 December 2012 00:47 [Source: ICIS news]
HOUSTON (ICIS)--The US Department of Energy (DOE) failed to consider the importance of manufacturing to the US economy in its report on liquefied natural gas (LNG) exports, the chief executive of Dow Chemical said on Thursday.
The DOE released a report on Monday that analyses the effects LNG exports could have on the US.
“The report issued by the DOE on liquefied natural gas (LNG) exports is flawed, misleading and based on outdated, inaccurate and incomplete economic data,” said Andrew Liveris, Dow’s chairman and chief executive officer.
The company said the report concluded the US would benefit from using natural gas to fuel growth and jobs in other regions, rather than strengthening the domestic economy.
However, manufacturing is the largest user of natural gas in the US, Liveris said.
In addition, manufacturing uses natural gas to create more jobs and more value to the US economy than any other sector, including over 100 capital investments representing over $90bn (€68bn) in spending and millions of new jobs, which was not included in the report, Liveris said.
“Unfortunately, policy makers have been given a flawed report that overlooks vital dynamics, including a manufacturing renaissance that is already underway and much needed by this country,” Liveris said.
($1 = €0.76)
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