The floating ocean terminal will create significant, long-term economic benefits for the region with safety and environmental protection as top priorities. New supplies of clean-burning natural gas can help reduce air emissions -- and improve air quality - including a reduction in the need for new coal-fired power generation.
"Energy-intensive industries in general, and natural gas-intensive industries in particular, are vital parts of New Jersey’s economy. As such, a stable supply of natural gas is important to the health of these industries. Accordingly, BlueOcean Energy can play a valuable role in ensuring consistency of supply and delivery.”
- Rutgers University
Rutgers found that residential consumption of natural gas in New Jersey is significant. Energy-intensive industries in general, and natural gas-intensive industries in particular, are vital parts of New Jersey's economy. Residential use of natural gas in New Jersey is 20 percent higher than the national average. Commercial consumption is about 26 percent greater than the average natural gas use by commercial consumers in all other states.
In the Northeast, there is significant use of natural gas in office buildings, retail facilities such as malls, and in schools, hotels and residential buildings. New Jersey leads this trend.
Rutgers found that New Jersey's natural gas prices show strong seasonal patterns; non-seasonal natural gas price spikes can also have small but significant negative impacts on the New Jersey economy.
Rutgers found that the natural gas price reductions that could result from the increased storage and delivery capacity made available by the LNG terminal would have positive economic effects for New Jersey.
