US natgas exports would hurt consumers, manufacturers-Rep Markey

WASHINGTON Wed Dec 5, 2012 3:42pm EST

WASHINGTON Dec 5 (Reuters) - Expanding exports of U.S. natural gas would hurt American consumers and manufacturers, and the Obama administration should not rush to approve applications for permission to send natural gas overseas, Representative Edward Markey said on Wednesday.

"If exports are approved, the winners are mainly those in the natural gas business and those holding their stock," Markey, a Massachusetts Democrat, said in a statement after the Energy Department released an analysis of the economic impacts of exports.

"This report confirms that if natural gas exports move forward on a large scale there will be a massive wealth transfer from working Americans to oil and gas companies," said Markey, the top Democrat on the House Natural Resources committee.