Natural Gas News – February 14, 2018

Natural Gas News – February 14, 2018

Pennsylvania Sits on Nearly 63 Trillion Cubic Feet of Natural Gas, Report Says

Trib Live reported: Pennsylvania was sitting on at least 62.7 trillion cubic feet of recoverable natural gas in 2016, trailing only Texas, which had at least 88.3 trillion cubic feet, according to the Energy Information Administration. Pennsylvania saw the largest increase in proved reserves because development of the Marcellus shale added 6.1 trillion cubic feet to the total. Overall, the nation’s reserves increased 16.8 trillion cubic feet or about 5 percent to 341.1 trillion cubic feet. The nation produced about 29 trillion cubic feet of natural gas in 2016, so the reserves represent about 11.7 years of production at that rate. Proved reserves are estimates of how much natural gas can be recovered from known reservoirs under current economic and operating conditions. For more on this story visit triblive.com or click http://bit.ly/2o6Q6Pg

Is American Energy on the Verge of a New Golden Age?

Forbes reported: The U.S. has been a net importer of energy since 1953, but that’s set to change early next decade, according to the Energy Information Administration (EIA). In its highly anticipated Annual Energy Outlook 2018, the agency forecasts that the U.S. will become a net exporter of energy by as early as 2022, thanks in large part to the boom in shale oil and liquefied natural gas (LNG) production as well as the relaxation of export restrictions. A “golden age of American energy dominance,” as President Donald Trump described it back in June, could be upon us sooner than anticipated, putting the U.S. on a path to dethrone Saudi Arabia and Russia as the world’s top oil powerhouse. The 40 -year-old ban restricting U.S. oil exports was lifted in December 2015, and between then and October 2017, exports skyrocketed nearly 300%. For more on this story visit forbes.com or click http://bit.ly/2Gc3AAA