Buy American Gas

How exporting our resources can help abroad:

American natural gas is now among the cheapest fuels anywhere in the world and costs as little as one-fourth of what the fuel sells for in Europe and Asia.

There will be trade-offs to lifting the export restrictions. On the plus side, the report says that exports of gas in liquefied form could provide a $47 billion boost to the economy by 2020, including the construction of gas terminals. While the report dwells largely on economic issues, exports would also help to lower emissions linked to global climate change by giving countries like India, China, Japan and Germany access to a cleaner energy source than coal.

Greater gas exports could also factor into American foreign policy. By offering countries like India and China access to cheap American gas, Washington could make it more palatable for them to join in supporting sanctions against Iran, for instance. And it could give the United States new leverage in trade negotiations.

This could be a further boon to the economy-if politicians don't screw it up.