Tuesday, August 19, 2014

New "Fast-track" LNG Export Rules - It Ain't About U.S.

First off, keep in mind that Exxon's total US income tax bill - federal, state and local for 2009 was ($46,000,000) That's right, Exxon ended up 2009 with essentially a tax refund of $46 million for income taxes.  It all is explained in this CNN article.  Left of center publication, Mother Jones, has its own take on Exxon's tax position. 
 
And we learn here that Exxon is AGAIN a big winner with these new LNG export rules as described below.  

Excerpt:
"....Houston-based Cheniere Energy and Exxon are two big winners under the new rules.
Cheniere will add liquefaction capacity to its Sabine Pass terminal that is now being built in Louisiana.
The expansion proposal already received the required Federal Energy Regulatory Commission (FERC) permits. The proposal was facing up to a two year wait for its Energy Department review, Fuel Fix said.
The new regulations mean that the project is now ready for final action by the Energy Department.
Exxon Mobil’s Golden Pass project in southeast Texas is also on the fast track for approval. The project was far into its FERC review but behind other projects in the Energy Department’s line....."

WASHINGTON — The Obama administration’s plan for shaking up the way it vets proposals to export natural gas had the curious effect of winning praise from both a fierce critic and a fan of those foreign sales.
The Energy Department was able to unite export foe Sen. Ed Markey, D-Mass., and advocate Sen. Mark Udall, D-Colo., by devising a new approach that appears to accelerate the review process overall, even though it extends the time benefits to just a few well-heeled players.  Read more.