Madrid — The chief executive of Spanish oil company Repsol said on Thursday he expected U.S. President Donald Trump’s energy policies would have a positive impact on the gas industry including increased output and lower prices.
“The new licenses to export LNG are going to increase demand,” Josu Jon Imaz, whose company produces gas in the United States, said in a call with investors.
The increased supply will help bring gas prices down globally thus bolstering European heavy industry which relies on gas for energy, he said.
Trump ordered a lifting of the freeze on LNG export approvals the day he came into office for a second time on January 20 and the U.S. Energy Department started granting new licenses last week.
Former President Joe Biden had paused the issue of new licenses early last year.
Imaz said cheaper gas would also lead to lower carbon emissions as it would help countries in the Global South to switch from coal to gas-fired power plants.
The U.S. is trying to increase its LNG exports to help reduce Europe’s dependency on Russian gas after Moscow’s invasion of Ukraine three years ago.
Reporting by Inti Landauro, editing by Andrei Khalip and Susan Fenton – Reuters
