Business Report: Economic boost from total solar eclipse; push for protecting Texas LNG exports – KCBD
LUBBOCK, Texas (KCBD) -In January, the Biden Administration temporarily banned liquefied natural gas export permits.
Texas Speaker of the House Dade Phelan announced on Monday the creation of a select committee to examine the extensive impacts to Texas
The five-member House Select Committee on Protecting Texas LNG Exports is tasked with assessing the potential economic, environmental and social impacts on the state; identifying strategies to mitigate negative consequences on the LNG industry, the state’s energy sector and Texas economy; and making recommendations to address the challenges posed by a federal suspension.
“Texas is one of America’s top exporters of liquified natural gas, supplying affordable, reliable energy to our nation and our allies around the globe while providing good-paying jobs for hardworking Texans,” Phelan said. “President Biden’s abrupt decision earlier this year to pause pending approvals of LNG export projects will likely have significant economic implications for Texas, and it is important we fully understand what a prolonged pause would mean for our state’s thriving energy sector. With the oil and gas industry supporting hundreds of thousands of jobs statewide and serving as a key driver of community investments—including in the Southeast Texas House District I represent—we cannot idly stand by and let the federal government attempt to undermine this critical industry.”
The Speaker requested the select committee submit a report on its findings by May 13.
Just last week, Attorney General Ken Paxton filed a lawsuit with 15 other states to block the administration’s pause.
Texas employment forecast strengthens
The Texas Employment Forecast strengthened in March after 49,000 jobs were added in February, according to seasonally adjusted and benchmarked payroll employment numbers.
The Federal Reserve Bank of Dallas indicates that jobs will increase 2.5% in 2024.
“Job growth accelerated in February, with broad-based gains seen across most industries,” Luis Torres, a Dallas Fed senior business economist, said. “The outlook for growth in the first half has improved by 0.6 percentage points. Strong job gains in February, continued solid U.S. economic growth, and recent increases in oil prices have bolstered the forecast. Though higher oil prices hurt consumers, the rise is a net positive for Texas economic growth.”
Economic boost from total solar eclipse
Cities across Texas will see a boost in their local economy, thanks to the Great American Total Solar Eclipse on April 8.
The path of totality entering in Texas is driving more than one million people to the state to see the phenomenon, according to a report by The Perryman Group.
Travelers will spend money locally for accommodations, meals, gas, and retail items, totaling an increase of about $427.7 million.
The path of totality enters Texas around Eagle Pass and crosses the state to the northeast, exiting near the northeast corner. About 12 million Texans reside in the path of totality, which includes the major metropolitan areas along the I-35 corridor.
The next total solar eclipse will not happen until 2044.
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