Washington, DC – The American Council for Capital Formation (ACCF) applauds the Senate Energy and Natural Resources Committee for their decisive support of S. 4753, the Permitting Reform Act of 2024. This landmark legislation is critical in unlocking the full potential of the U.S. energy sector. ACCF Senior Vice President for Energy and Regulatory Policy Kyle Isakower issued the following statement:
“We thank Senators Joe Manchin, John Barrasso and the Energy Committee for their leadership in advancing this important bipartisan legislation to the Senate floor. This legislation should provide a meaningful boost to all forms of domestic energy production. For example, the U.S. natural gas market is robust and capable of meeting both domestic consumption and export demand at relatively low prices. However, to truly capitalize on our abundant natural gas resources, we need to address the regulatory and permitting delays that hinder pipeline infrastructure development.
“Contrary to some claims that LNG exports could raise domestic prices, our study suggests that with the right policies in place, the U.S. has sufficient resources to support both global exports and domestic needs without significant price increases,” Isakower concluded. “The Permitting Reform Act of 2024 is a crucial policy reform that will help bring the lowest-cost natural gas resources to market, benefiting both American consumers and our global trade partners. The ACCF stands ready to support this legislation and urges the Senate to act swiftly to enact these necessary reforms.”
