Increase in natural gas production, driven by hydraulic fracturing, integral in cutting household electricity costs
by Fay Fitzsimons, Energy In Depth
Natural gas surpassed coal as the as the nation’s leading energy source for the first time in April and is now the nation’s leading energy source, meeting the increased demand for electricity in summer months.
Now a new US Energy Information Administration forecast (EIA) reports natural gas production will hit record highs this summer, just as electricity demand driven by increased need for air conditioning peaks. Natural gas now generates the majority of the nation’s electricity and is expected to maintain that share.
According to EIA:
EIA expects production to rise through 2016 and 2017 in response to forecast price increases and increases in liquefied natural gas (LNG) exports. Overall, EIA expects natural gas production to rise by 1.0% in 2016 and by 2.4% in 2017.
The economic and environmental benefits of hydraulic fracturing also span beyond the everyday consumer as increased production is contributing to nationwide economic growth.
In the same forecast released today, EIA projects an increase in US natural gas exports and subsequent reduction in foreign energy imports as domestic production of natural gas increases.
With EIA projecting natural gas to account for the largest share of US electricity production by 2022, hydraulic fracturing will continue to ensure lower energy costs and emissions when we reach for that thermostat to cool off this summer.