North American Gas Forum Gathers Government and Industry Leaders
SAN DIEGO, June 25, 2014 /PRNewswire/ — In the last fifteen years US natural gas production has almost tripled, initiating a new reality for producers, consumers, regulators and global markets that is only beginning to be fully understood.
Not long ago, the US was facing such high natural gas prices and shortage of resources that a surge in imports was forecast. The shale revolution has meant surging production and a sweeping revision to reserve estimates for natural gas in the ground, pulling prices to once-unimaginable lows, limiting emissions growth and providing insulation from the global recession for North American industry. Exports that can earn dollars, support global market needs and improve US energy security are now the order of the day.
A large-scale transition in the power sector from coal to natural gas has upended fuel economics and planning, placing pressure on existing generation and transport infrastructure but also limiting electricity price inflation while reducing power-sector emissions efficiently. Increased use of natural gas as a transport fuel poses a potentially even larger adjustment challenge for a sector built on petroleum products, but accelerating adoption of natural gas vehicles is making that future a reality already.