U.S. natural gas production to surpass domestic consumption
Thursday, March 1, 2018
Over the next two years, natural gas production is expected to outpace domestic consumption for the first time in more than 50 years, according to the U.S.Department of Energy.
Natural gas production will be driven up in 2018 and 2019 by the West Texas Permian Basin and the Appalachian Basin’s Marcellus and Utica shale plays, according to the Houston Chronicle.
The Department of Energy expects high production and low consumption to drive down natural gas spot prices to below their 2017 average of $2.99. Prices are expected to average $2.88 per million British thermal units in 2019 and $2.92 in 2019.
Learn more: Houston Chronicle > Natural gas production expected to surpass consumption
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.