WASHINGTON – U.S. Energy Secretary Chris Wright announced on Monday that the United States aims to double its liquefied natural gas (LNG) exports during the Trump administration's term. He also identified South Korea as a "big market" for U.S.-produced LNG.
Speaking at a seminar hosted by the Council on Foreign Relations (CFR), Secretary Wright stated that LNG is already one of America's top exports and has been the fastest-growing commodity in recent years. He predicted it would soon become the nation's single largest export.
"If we want to reduce our trade deficit, expanding LNG exports is a massive opportunity," Wright said, citing Europe, Japan, and South Korea as examples of countries that have committed to importing U.S. LNG and investing in U.S. energy as part of trade negotiations.
The European Union (EU) has agreed to purchase $750 billion worth of U.S. energy, including LNG, over three years in exchange for a 15% reciprocal tariff rate. Similarly, South Korea has agreed to a 15% reciprocal tariff in return for purchasing $100 billion worth of U.S. energy products, including LNG. Japan has also committed to pursuing off-take agreements for the U.S. Alaska LNG project, ensuring a stable and long-term purchase of an additional $7 billion in LNG annually.
Wright noted Europe's strong desire to reduce its reliance on Russian gas and expressed confidence in gaining significant market share there. He also highlighted Asia as a rapidly growing LNG market. "We'll see this in our allies in the Pacific Rim region, such as Taiwan, Japan, South Korea, the Philippines, and Vietnam," he said.
The Secretary reiterated that the U.S. is the world's largest LNG exporter and emphasized that the export volume would double during the current administration, making it the top export by a single commodity. He pointed out that LNG is cheaper than oil and that reserves are abundant, underscoring a clear market demand for it.
Wright also criticized what he called "overhyped" claims about the climate change crisis, arguing that solutions lie not in regulations and cost increases but in "cheap and reliable energy supply" based on innovative technologies. He cited the United Kingdom as an example of how misguided climate policies can lead to deindustrialization, poverty, and even threaten the lives of citizens.
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