On Wednesday, April 8, AGA announced the findings of a new report detailing the nation’s supply of domestic natural gas. Compiled by the Potential Gas Committee, the year-end 2014 report Potential Supply of Natural Gas in the United States, shows that future U.S. gas supplies are at their highest level ever and continue to grow. This means the nation’s domestic abundance of natural gas can continue to support customer savings, economic growth, energy security and increased efficiency and environmental solutions.
Here are four things you need to know about the latest natural gas numbers.
- According to the Potential Gas Committee, U.S. technically recoverable natural gas resources are estimated to be 2,515 trillion cubic feet (Tcf) as of year-end 2014 – a five percent increase since the year-end 2012 report.
- The U.S. Energy Information Administration (EIA) estimates that domestic dry proved natural gas reserves have doubled since 1993, and are now estimated at 338 Tcf. Proved reserves are volumes of natural gas known to exist that have been proven by exploration and development operations.
- When combined with EIA proved reserves estimates, the U.S. future supply of natural gas now exceeds 2,850 Tcf – the highest combined future supply of natural gas ever.
Savings for Consumers
- Households that use natural gas for heating, water heating, cooking and clothes drying save an average of $693 per year compared to homes using electricity for those applications.
- Strong supply fundamentals and robust delivery infrastructure suggest that natural gas prices will remain competitive and stable at a level well below the peak market prices of the preceding decade.
- Low domestic natural gas prices have led to savings of almost $30 billion for residential natural gas customers over the past five years.
- In 2013, the average commercial customer saved more than $2,000 on their annual bill due to low natural gas prices compared to 2008.
Direct Use of Natural Gas is the Efficient Choice
- Natural gas is 92 percent efficient when used directly in homes and businesses.
- Customers can unlock greater savings by working with their local utility to make efficient energy choices.
- In 2013, local utility efficiency programs helped customers reduce their annual natural gas usage by an average 18 percent and save $137 in annual energy costs, while offsetting 7.9 million metric tons of carbon dioxide emissions.
Expanding Access, Enhancing Safety
- To ensure that more Americans can safely enjoy the benefits of domestic natural gas, local utilities are working with governors, legislators and state regulators around the country to upgrade, enhance and expand the nation’s more than 2.4 million miles of natural gas infrastructure.
- By investing in our energy future and advancing smart policy to enhance safety and expand infrastructure, customers can look forward to continued market stability, reliable service and affordable prices.
For more information, visit www.aga.org/PGCReport.