Joe Biden’s decision to freeze liquified natural gas exports has been branded a “national security disaster”, by a leading economist.
The move could cause a price hike in Europe after the White House announced it is pausing approvals of pending applications to countries with which the US does not have free trade agreements.
The 46th President said in a statement that his administration will take a “hard look at the impacts of LNG exports on energy costs” during this period as well as “America’s energy security, and our environment.”
He added: “This pause on new LNG approvals sees the climate crisis for what it is: the existential threat of our time.
Joe Biden waves towards the media after landing on the South Lawn of the White House in Washington
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“While MAGA Republicans willfully deny the urgency of the climate crisis, condemning the American people to a dangerous future, my Administration will not be complacent. We will not cede to special interests.”
However, an economic expert claimed the decision threatens America’s national security.
Heritage Foundation economist Dr EJ Antoni told GB News: “This latest decision by the Biden Administration is nothing short of a national security disaster.
“He is sentencing many of our supposed allies around the world to reliance on hostile states.
“Despite Biden’s continued saber rattling on the Ukraine, for instance, he continues to seek policies that benefit Russia.
“Every cubic foot of gas that America doesn’t sell to the world is an opportunity for countries like Russia.”
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An image of a natural gas plant in Texas
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However, the pause will reportedly allow for exceptions to be made for unanticipated and immediate national security emergencies.
Environmentalists, including former Vice President Al Gore, welcomed the announcement as showing the US is serious about delivering on its commitment to transition away from fossil fuels.
Mattea Mrkusic, a researcher and the energy transition policy lead at Evergreen Action, also argued it showed Biden is listening to low-income communities of colour.
Despite a number of voices supporting the announcement, Antoni also warned it could lead prices in Europe to skyrocket.
He said: “It also means Europe will pay higher energy prices.
“And as countries around the world become increasingly dependent on Russia, China, and bad actors in the Middle East for energy and investment, America will see fewer countries within its sphere of influence.
“One of the best ways to isolate a country politically is to isolate it economically, and Biden is helping to do that to America.
Much of Europe, including the UK, experienced a gas price hike following Vladimir Putin's invasion of Ukraine
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“A nation that can wield economic power is less likely to resort to armed conflict for resolving disputes.
“Yet Biden seems intent on disarming the United States economically.
“This is not just a matter of reducing economic output – it’s a matter of reducing national security.”
European countries, which were much more reliant on Russian gas supplies, faced soaring energy prices following Vladimir Putin’s illegal invasion of Ukraine.
Gas commodity prices stood at $40.30 per million British thermal units in 2022.
However, the United States barely witnessed a spike, with the cost only hitting $6.40.
American prices have consistently hovered below costs in Europe since the 1980s but the rapid rise after Russia invaded the ex-Soviet state provides a stark example of the different situations facing the US and the continent.