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U.S. Still Secures its Position in Global Natural Gas Space

United States dominated the world of Natural Gas long back in the 1980s with large amounts of gas production. However, at this point the U.S. ceded control to Russia. The Middle East has also enhanced its natural gas production considerably over the last 50 years, and was on a path to take over the leadership.

The U.S. Natural Gas production witnessed a massive drop before rising back in 2005. During this, the production across the United States escalated by 86% between a span from 2005 to 2020 regaining the nation the title as the global leader.

U.S. Still Secures its Position in Global Natural Gas SpaceConsumption of Natural Gas has scaled up at an exponential rate in the U.S. as power plants increasingly opt for it as their primary fuel. Power plants are now inclined towards as alternative to coal dependent power. They are heavily relying on as a backup for the new renewable capacity.

The growth in supplies and transition of power plants is encouraging Natural Gas to emerge as the fastest-growing fossil fuel. The last decade witnessed a rise in the annual consumption at a rate of 2.9% relatively higher as compared to 1.5% for oil, and 0.9% for coal.With the COVID-19 pandemic, the production experienced a sharp drop only previously seen during the 2008 housing crisis. However, U.S. regained the losses eventually returning to normal trend. Gas export has also risen for the United States in recent times.

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