The United States recently found itself in unfamiliar waters with an abundance of new domestic energy supplies. Not only has domestic oil production grown by 20% over the last five years, producing one million more barrels per day in 2012 than in 2007, but natural gas is now so plentiful and cheap (averaging $.595 per therm in July) that it could help relieve some of the country’s dependence on foreign oil.
Last month alone, the United States imported 337 Million barrels of oil from foreign countries, sending 34.6 billion dollars overseas.
“As we recover from this recession, the transition to clean energy has the potential to grow our economy and create millions of jobs – but only if we accelerate that transition.
The Current State of Natural Gas in the United States as of September 7th 2012
It was reported that at the end of last week, U.S. natural gas inventories expanded by 26 billion cubic feet (0.8%) to 3.428 trillion cubic feet as the result of increased demand brought on by high temperatures. Energy Department data shows that electricity generators account for 36% of U.S. gas consumption.
“Ongoing production losses due to Hurricane Isaac were one limiting factor on storage injections for last week, but cooling demand was stronger too,” said Tim Evans, an energy analyst at Citi Futures Perspective in New York. “With moderate temperatures anticipated over the next two weeks, storage injections will likely rebound to near average rates.”
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Sources:
Editorial: Natural gas production boom alters energy outlook
Natural Gas Stockpile Gain Was Third of Normal, Analysts Say
Natural gas storage capacity up 3.3 pct: EIA