Many Americans are seeing cheaper electricity bills thanks to the big bet on liquefied natural gas (LNG), according to Energy Secretary Rick Perry.
The U.S. currently brings roughly seven billion cubic feet of LNG to the market every day and the opening of a new facility in Louisiana will supply an additional three billion cubic feet, he told FOX Business' Stuart Varney on Thursday.
“We’re driving down the cost of electricity in most places in America,” he said. “[With the exception of] some places like New York that forbid natural gas pipelines from being built across their state."
“There are points in time where New Yorkers are having to look for different forms of energy and they’re going to old inefficient fuel-oil to drive that,” Perry said, adding that these inefficient fuels are both costly and “really bad for the environment.”
But it has also helped a lot of people, he said.
“Hydraulic fracturing [and] directional drilling … became the innovation and the technology that has changed the world.”