“The U.S. has undergone nothing less than an energy revolution over the past decade – shifting from a nation of energy dependence to a nation of energy abundance. The U.S. became the top natural gas producer in 2010, the largest combined oil and natural gas producer in 2013, and the largest oil producer in 2014.
“Looking at natural gas, this revolution has come about due to private-sector investment, innovation and efficiencies, specifically in the forms of horizontal drilling and hydraulic fracturing allowing for access to shale gas that previously was uneconomical to produce. Indeed, the U.S. natural gas market has changed dramatically over the past near-decade. For example, the annual average price of natural gas in the U.S. declined by 57 percent from 2005 to 2013. While assorted market factors come into play, lower prices have resulted directly from expanded U.S. natural gas production – a 35 percent increase from 2005 to 2013.
“Looking ahead, the opportunity exists for exporting liquefied natural gas (LNG), given the large differential in natural gas prices in the U.S. versus elsewhere in the world, increasing U.S. production, and rising global demand.”
View the full report HERE.