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Impacts of Shale Gas Advancements on Natural Gas Utilization in the United States
Author(s) -
Liss William E.
Publication year - 2014
Publication title -
energy technology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.91
H-Index - 44
eISSN - 2194-4296
pISSN - 2194-4288
DOI - 10.1002/ente.201402061
Subject(s) - natural gas prices , natural gas , natural resource economics , liquefied natural gas , economics , oil shale , greenhouse gas , resource (disambiguation) , lead (geology) , natural resource , shale gas , waste management , engineering , ecology , computer network , geomorphology , computer science , biology , geology
Over the past six years, U.S. shale gas innovations have resulted in a transformation of the U.S. energy marketplace. The impact is initially taking hold in North America but will likely be experienced throughout the world over the next two decades. Shale gas effects were most immediately impactful in terms of natural gas supply and prices, with consumers benefitting from over $ 100 billion per year in energy cost savings. New gas supplies and lower prices have spurred a wave of demand responses in the industrial, power generation, transportation, and energy export sectors. The full implications of actions underway in each of these market sectors are still unfolding. The coming decade will afford greater insights on shale gas resource base estimates and marginal production costs and ultimately lead to better knowledge of where the longer‐term U.S. natural gas supply/price/demand equilibrium point may reside. Investors across these sectors are forging ahead with major plant and market development investments in anticipation that future natural gas prices remain attractive. These sectors are projected to add as much as 147 billion cubic meters of additional demand by 2025, led by liquefied natural gas exports and power generation.