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February 24, 2013

Inhofe, other senators write letter on issue that could affect SCOOP profits

GRADY COUNTY — Senator Jim Inhofe, along with a bi-partisan group comprised of five senators, wrote a letter to the secretary of the United States Department of Energy this week outlining the importance of domestic and international sales of liquefied natural gas (LNG).

“For the United States to be a hub of cheap energy, it is imperative to pursue government policies that allow the private sector to make every energy resource as abundant, accessible, and as versatile in its consumption as possible,” the Senators wrote. “Achieving this objective requires that producers be allowed access to markets, and that consumers be allowed access to resources. Providing this access without bias for one source over another will encourage more widespread production of all energy resources. This will benefit the economy, as it will be accompanied by increased economic activity, job creation, and more widespread energy choices.”

The sale of LNG would affect Grady County directly as excavations in the South Central Oklahoma Oil Province begin to yield common petroleum and LNG.

“The United States has been blessed with an abundance of energy resources, with natural gas being among the most prevalent. Expanding market access to producers will not only result in a wealth transfer from foreign countries to U.S. households, but it will also encourage greater exploration and production activity. This will grow the economy and create jobs," the letter reads.

Exporting LNG is in the best interest of  Oklahoma and the country's economy according to the letter. The letter also urges the pending LNG export permits to be approved for use.

“Oklahoma has been a leading force in the rapid growth of domestic energy production,” said Inhofe. “This has largely been made possible by the safe and expanded use of hydraulic fracturing and horizontal drilling unlocking resources previously believed to be off limits. Because of the energy sector, Oklahoma is near full employment with oil and gas production contributing at least $26 billion to the state economy."

The letter concluded by highlighting the benefits from international energy sales.

Quotes taken from a release written by members of the office of Senator Jim Inhofe.

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