The document discusses the global and Alaska context for liquefied natural gas (LNG). Globally, demand for LNG is increasing but supply is also rising, leading to lower and more volatile prices. The LNG market is highly competitive with many new projects. For Alaska, an LNG project could provide economic benefits but would be expensive and the net revenues for the state would be limited. Fixing Alaska's fiscal terms for natural gas is important but challenging given public perceptions and the potential for tax changes to lack long-term durability.