Photo
courtesy of Foremost Industries.
The Energy Information Administration recently released its annual energy outlook report. Following are snippets of the report that highlight the role of natural gas in our country’s expected condition with regard to energy use, consumption and cost.
Average natural gas wellhead prices are projected to fall from today’s levels to just over $5.30 per thousand cubic feet in 2016, as the initial availability of new import sources, such as liquefied natural gas (LNG), and increased drilling, expand available supply. After 2016, wellhead prices rise gradually to just over $6.60 per thousand cubic feet in 2030.
Natural gas demand grows at a rate of 0.2 percent per year, with the most rapid growth rates for electricity generation.
Total natural gas supply is projected to increase to 22.7 trillion cubic feet in 2030, with major contributions from LNG imports, the completion of an Alaskan natural gas pipeline in 2020, and domestic unconventional production. In 2030, net LNG imports are 2.8 trillion cubic feet, production from Alaska is 2.0 trillion cubic feet, and unconventional production is 9.5 trillion cubic feet.
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