Hoeven offers natural gas ‘compromise’

Sen. John Hoeven (R-N.D.) said Wednesday that he introduced a bill that could be a compromise on the issue of exporting liquid natural gas (LNG).

“We’ve got to go beyond talk and to action,” Hoeven said on the Senate floor Wednesday.

{mosads}On Tuesday, Hoeven introduced S. 2638, the LNG Certainty Act. He said his bill would require the Department of Energy to rule on natural gas applications within 45 days of when the preliminary application was filed with Federal Energy Regulatory Commission  (FERC).

Hoeven has introduced other legislation that would streamline the application process by taking the Department of Energy out of the equation. He said his latest bill though could be seen as a “compromise.”

Hoeven has criticized the administration for slow walking several applications from companies that want to drill and export LNG.

Some lawmakers have expressed concerns about increasing LNG exports because it could raise domestic prices.

Hoeven said his legislation would help provide an alternative to European allies that rely on Russia for natural gas.

“European countries are dependent on Russia for their energy, “ Hoeven said. “[Vladimir] Putin has them over a barrel, literally.”

The administration has announced another round of financial and energy sector sanctions against Russia because of its interference in Ukraine. But Hoeven said it won’t make as big of a difference unless European country join in the sanctions.