The OurEnergyLibrary aggregates and indexes publicly available fact sheets, journal articles, reports, studies, and other publications on U.S. energy topics. It is updated every week to include the most recent energy resources from academia, government, industry, non-profits, think tanks, and trade associations. Suggest a resource by emailing us at info@ourenergypolicy.org.
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We investigate the pricing formation of natural gas markets on three different continents (Europe, Asia and North America). We find that natural gas markets showed a strong relationship with the crude oil market between 1992 and 2001 and natural gas prices tended to thermal parity with crude oil prices. From 2002 natural gas markets exhibited a less pronounced relationship with the crude oil market and major natural gas markets were severely underpriced compared to crude oil. A globally integrated natural gas market, comparable to the global oil market, has not evolved. The main natural gas markets, however, exhibit some level… View Full Resource
Throughout the nation, there is presently a surge in interest in the development of new natural gas markets as a result of recent large increases in the projected volume of economically viable domestic natural gas due to advances in shale gas extraction technologies. While natural gas supplies nearly a quarter of the primary energy used to power our economy, less than one percent of transportation energy is supplied by natural gas. The mainstreaming of natural gas vehicles (NGVs) offers the potential to help diversify the primary energy used in our transportation sector and to provide attractive new markets for natural …
View Full ResourceProved reserves of U.S. oil and natural gas in 2010 rose by the highest amounts ever recorded since the U.S. Energy Information Administration (EIA) began publishing proved reserves estimates in 1977.
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Net additions to proved reserves of crude oil plus lease condensate in 2010 totaled 2.9 billion barrels, surpassing the previous high of 1.8 billion barrels added in 2009 by 63 percent (Table 1).
Net additions of wet natural gas in 2010 totaled 33.8 trillion cubic feet (Tcf), nearly 5 Tcf (17 percent) higher than the previous record of 28.8 Tcf, also added in 2009.
Simulation modeling indicates that the recently forecasted increase in the supply of domestic natural gas will substantially reduce retail electricity prices over the next 20 years. The modeling also indicates that the predicted lower electricity demand growth will further reduce retail electricity prices. The changes in natural gas supply and electricity demand also directly affect natural gas prices. The model indicates that with increased gas supply and decreased electricity demand, both wellhead and delivered natural gas prices should fall. These changes are substantial and will have a larger effect on projected retail electricity prices than the suite of new electricity …
View Full ResourceContinued growth in production, relatively low prices, and expanded electric power sector use characterized U.S. natural gas markets in 2011. Key observations for the year include:
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Henry Hub spot prices fell from an average of $4.37 per million British thermal units (MMBtu) in 2010 to $3.98 per MMBtu in 2011.
Marketed production grew 7.9 percent, from 61.4 billion cubic feet per day (Bcf/d) in 2010 to 66.2 Bcf/d in 2011. This was the largest year-over-year change since 1984, despite falling rig counts in 2011.
Consumption rose from 65.1 Bcf/d in 2010 to 66.8 Bcf/d in 2011, with the electric power
Is natural gas the new next big thing? It is being called a revolution in energy and a game-changer. Pulitzer Prize winning energy researcher Dr. Daniel Yergin claims that “By the beginning of this decade, the rapidity and sheer scale of the shale breakthrough—and its effects on markets—qualified it as the most significant innovation in energy so far since the start of the twenty-first century.” The President has proclaimed that the United States is “the Saudi Arabia of natural gas.” It is “the energy equivalent of the Berlin Wall coming down,” says Robin West, Chairman and CEO of PFC Energy.…
View Full ResourceU.S. natural gas production is booming. Five years ago, most experts assumed that U.S. natural gas output was in terminal decline; today, most believe the opposite. As recently as 2009, the U.S. Department of Energy was projecting indefinite dependence on imported natural gas along with rising prices for decades to come (EIA 2009a). By 2010, after breakthroughs in extracting natural gas from shale, conventional wisdom had flipped. Large-scale gas imports now seem unlikely, and abundant domestic supplies look like they will hold prices in check (EIA 2010a).
The market has signaled its endorsement of this development by hammering natural gas …
View Full ResourceTechnological advances in horizontal drilling deep underground have led to large-scale discoveries of natural gas reserves that are now economical to access. This, along with increases in oil prices, has fundamentally changed the relative price of oil and natural gas in the United States. To illustrate this, Figure 1 plots the ratio of the oil prices to natural gas prices on a per-energy basis from 1975 to the end of 2011. As of December 2011, oil was trading at a 500-percent premium over natural gas. This ratio has increased over the past few months.
The discovery of large, economically accessible …
View Full ResourceThis framing paper provides a summary of some of the recent changes in the energy sector, tallies the benefits and costs, and speculates about the changes yet to come. It also introduces three new discussion papers written for The Hamilton Project that aim to harness the opportunities that the technological advances in the recovery of natural gas offer, while managing the risks. It then assesses the energy challenges that continue to confront the United States, and reiterates four principles for sound energy and environmental policy developed in The Hamilton Project’s paper, “A Strategy for America’s Energy Future: Illuminating Energy’s Full …
View Full ResourceThis framing paper provides a summary of some of the recent changes in the energy sector, tallies the benefits and costs, and speculates about the changes yet to come. It also introduces three new discussion papers written for The Hamilton Project.
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