America has so much natural gas—thanks to the revolution in fracking  technology—that the supply will last for more than a century, according to a bi-partisan group of former Secretaries of the Department of Energy (DOE), Bill Richardson and Abraham Spencer. As the map above from the federal government’s Energy Information Agency’s website shows, most of the growth in American natural gas is yet to come. With this great abundance of American natural gas, America’s leading companies want to export the cleanest fossil fuel on the market to countries with growing energy needs, such as our strong ally, India. However, a problem remains. To export natural gas, you need to get approval from two federal bureaucracies in Washington D.C., the DOE and the Federal Energy Regulatory Commission (FERC).

According to the Natural Gas Act of 1938, to export natural gas requires American companies must submit to a multi-year application approval process to determine whether or not the trade meets the public interests guidelines—as defined in this 1930s law. As you can imagine, this regulatory burden discourages some companies from even starting an application. Another time burden—in part due to government regulation—also keeps American companies from earning a profit in this new market. Natural gas has to be shipped in a liquefied form, known as liquefied natural gas (LNG), using a multi-billion dollar terminal facility. Added to the engineering challenge of the building one of these terminals, companies face the additional regulatory requirements for constructing one of these projects. Here to the federal government gets in the way of commerce. The map bellow from the DOE’s website shows the lost potential due to the burden of long delays from the application process.

No business person has all the time in the world to wait for two regulatory agencies haggle of the details of a complicated export application, and time is important for another reason. The need for American LNG exists in India right now, but America is currently incapable of meeting those needs because (1) too few export licences have been approved, and (2) it takes years to build the distribution terminals after the government has given its green light for companies to export. India must meet its rapidly growing energy needs now, but if America can not meet those needs, then America could loose out on this golden opportunity to trade with its friend and partner, India.

The delays also hurt people right here at home. American workers are losing out on potential jobs because the regulatory agencies are so slow. Based on a 2013 study conducted by ICF International, for the American Petroleum Institute, LNG exportation over the next 25 years is projected to both create up to 450,000 jobs with a possible economic growth of up to $70 billion. As seen in the chart bellow, ICF clearly projects that as companies export more LNG they will hire more people, and they indirect boosting of the overall American economy will stimulate job growth as an additional benefit of LNG exportation.

America has great potential resources un untapped natural gas deposits, and American companies want to begin to transform that potential into a reality. In so doing, these companies will not only create a new source for trade, but more importantly they will create a new source for jobs. America should begin to use the resources it has by rolling back outdated and unecessary regulations.