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July 16, 2014
While Premier Christy Clark touts the promise of a new industry based on the export of liquefied natural gas, news reports continue to raise doubts about her ability to deliver on the multibillion-dollar results.
“A sharp fall in European and Asian gas prices this year will put liquefied natural gas export projects worldwide under heavy cost pressure, and even kill some off, as expected returns on investments have to be revised down along with prices,” according to a Reuters report out of the United Kingdom last week.
The Wall Street Journal reached much the same conclusion in a story out of New York.
“The price of liquefied natural gas in Asia has plunged by nearly half over the past five months to the lowest level in more than three years. Analysts say that if the price stays at current levels, Asian buyers may be less willing to commit to buying gas from planned billion-dollar export projects in the U.S., Canada and Australia.”