2023-05-17 17:08:46 ET
The U.S. Court of Appeals for D.C. Circuit on Tuesday rejected a challenge from conservation groups over the proposed Alaska LNG export project in Alaska, ruling the Federal Energy Regulatory Commission lawfully authorized the project.
The $38.7B project would include facilities to uptake gas and ready it for transportation through an 807-mile pipeline through Alaska, exporting substantial volumes of natural gas for at least 30 years.
The Biden administration approved the project last month over objections from environmental groups, which then sought review, alleging that FERC's approval and associated environmental impact statement violated the National Environmental Policy Act.
On Tuesday, a three-judge panel on the D.C. Circuit court rejected the groups' claims that FERC failed to adequately consider alternatives to the project.
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U.S. natural gas prices fell Wednesday after three straight gains, with the front-month Nymex contract ( NG1:COM ) for June delivery settling -0.4% to $2.365/MMBtu.
U.S. natural gas could consolidate and trade sideways for a time, but long-term fundamentals look bullish, Bluegold Trader writes in an analysis published on Seeking Alpha .
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D.C. Court rejects environmental groups' challenge to Alaska LNG project