Where Does U.S. Natural Gas Production Go From Here?

  • Date: 14-May-2021
  • Source: Forbes
  • Sector:Oil & Gas
  • Country:Gulf
  • Who else needs to know?

Where Does U.S. Natural Gas Production Go From Here?

Share to Linkedin NEW YORK, NEW YORK - APRIL 15: The New York Stock Exchange stands in lower Manhattan on April 15, ... [+] 2021 in New York City. After major companies reported strong earnings and new economic data points to a rebound in consumer spending, U. S. stocks climbed to record levels on Thursday. (Photo by Spencer Platt/Getty Images) Surging U. S. natural gas production via "fracking" has been the key gas story globally since the shale revolution took flight in 2008. From 2008 to 2019, U. S. output increased nearly 70% to 34 trillion cubic feet (Figure). The U. S. now produces about a quarter of the world's gas and a staggering 35% more than second place Russia. What goes under-appreciated is that much lower prices should actually be working to curtail output because they drop revenues and make more resources less available for extraction. Indeed, it goes routinely forgotten that, just like renewables, the U. S. shale industry is constantly evolving and deploying more efficient technologies. Since early-2020, however, it has been a rough ride for U. S. gas producers through the destruction of Covid-19. After annual increases of 13% in 2018 and 11% in 2019, U.