The Energy Department has given conditional approval to a Texas company that wants to export liquefied natural gas, the second LNG export project President Barack Obama’s administration has approved as it faces a wave of export requests.
The permit would allow Freeport LNG Expansion L.P. to export up to 1.4 billion cubic feet of natural gas per day from its terminal near Freeport, Texas, south of Houston. It is subject to environmental review and final regulatory approval.
The approval Friday follows Energy Department authorization for the Sabine Pass LNG Terminal in Louisiana in 2011.
Energy companies are seeking federal permits for 20 export projects that could handle as much as 29 billion cubic feet of natural gas a day as production booms as a result of improved drilling techniques.
Stocks rise on hopeful signs for US economy
Encouraging news about the U.S. economy extended the stock market’s rally Friday.
A gauge of future economic activity rose more than analysts had expected, as did a measure of consumer confidence, adding to evidence that the economy is steadily recovering.
Stocks closed higher for a fourth-straight week. Indexes are at record levels after surging this year on optimism about the economy and record corporate earnings. The market also is being supported by ongoing stimulus from the Federal Reserve, which is keeping long-term borrowing costs at historically low levels.
From staff/wire reports
Selected local stocks
Aqua America, .70, 32.71 .22
Clear Channel, .61 32.37 —.21
Cortland Bancorp, 10.25—.05
Farmers Nat., .126.40 —.11
First Energy, 2.20, 43.78.68
FirstMerit Corp., .64,18.29 .34
First Niles Financial, .32,7.00.00
First Place Fin., .0019—.00
FNB Corp., .48,11.84.13
General Electric, .76,23.43.16
Motors Liquidation, .0422.00
Huntington Bank, .20, 7.74.15
JP Morgan Chase, 1.52,52.291.32
Key Corp, .20,10.81.24
LaFarge, 17.39 .03
Macy’s, .80, 48.67.79
Parker Hannifin, 1.72, 99.992.40
RTI Intl. Metals,28.73.42
Simon Prop. Grp.,4.60,179.862.30
Stoneridge 10.18 .22
United Community Fin. 3.79.01
Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.