A Total Subsidy That Needs DOGE

Why should U.S. taxpayers underwrite a foreign LNG project that competes with American exports?

WSJ editorial. Excerpts:

"France’s TotalEnergies’ Mozambique LNG export project is an example. Mozambique boasts large natural gas reserves off its coasts, but the East African country suffers from conflict and instability, which has spooked private investors. Total wants the U.S. and other governments to finance its $20 billion LNG project to reduce its risk.

The ExIm Bank approved a $4.7 billion loan for the project in 2020 on the rationale that China and Russia might otherwise finance the deal. But this justification strays from the agency’s stated mission."

"TotalEnergies seems to be leveraging its partnerships with Russia and China to argue that the U.S. should finance its Mozambique project to counter those U.S. adversaries in Africa. The Biden ExIm leaders invoked a similar rationale to approve a $1.6 billion loan guarantee for a solar and battery storage project in Angola, among other wasteful projects."