The United States holds 322 trillion cubic feet (Tcf) of proven gas reserves as of 2017, ranking 4th in the world and accounting for about 5% of the world’s total natural gas reserves of 6,923 Tcf. The United States has proven reserves equivalent to 11.9 times its annual consumption.
How much natural gas is in reserve?
According to U.S. Crude Oil and Natural Gas Proved Reserves, Year-end 2019, as of December 31, 2019, U.S. total natural gas proved reserves—estimated as wet gas—which includes hydrocarbon gas liquids (HGL)—totaled about 494.9 trillion cubic feet (Tcf).
How long will the natural gas reserves last?
Taking into consideration the current rate of natural gas production and current known natural gas reserves, we have about 52.8 years worth of natural gas reserves left.
Are most natural gas reserves in the US?
Although the United States leads the world in natural gas production, it is only fifth in proved reserves of natural gas, behind Russia, Iran, Qatar, and Turkmenistan.
Top producing gas fields in the United States, 2013.
|Field||Pinedale Gas Field|
|Billion cubic ft./Year||568|
Will natural gas prices rise in 2020?
The EIA’s short-term energy outlook suggests that natural gas prices at Henry Hub will average $2.33 per MMBtu in 2020. This will be $2.54 per MMBtu in 2021, according to EIA.
How much natural gas does the average person use?
On a daily basis, the average U.S. home uses 196 cubic feet of natural gas. Natural gas comprises almost one-fourth of all primary energy used in the U.S. and is directly linked to jobs and economic health. The natural gas industry supports the employment of nearly 3 million Americans in all 50 states.
Will we run out of power?
We will never run out of electricity but we may run out of the fossil fuels used to produce it for domestic and industrial applications. Wind, solar and other types of renewable electricity will have to be relied on more than at present. As for electricity itself, the universe is filled with it.
What is currently affecting the price of natural gas?
Factors on the supply-side that affect prices include natural gas production, net imports, and storage inventory levels. … Cold weather (low temperatures) increases demand for heating, while hot weather (high temperatures) increases demand for cooling, which increases natural gas demand by electric power plants.