Is Nat Gas the Most Important Commodity of the Future?
Natural gas is the buzz word at the 31st annual IHS CERAWeek as several speakers have referenced it as the most important commodity for the future.
The Energy Information Administration, in its Annual Energy Outlook 2011, projected that natural gas demand in the United States could be 26.55 Tcf by the year 2035.
"Thirty percent more energy will be required by 2035 as our world population grows from seven to nine billion people," said Thomas Walters, President Gas & Power Marketing, ExxonMobil, said during CERAWeek session, "A New Geography of Supply and Demand."
While this statistic might sound alarming, the United States is already playing a pivotal role in the energy future as the country has become a leading producer in natural gas. It is estimated that the nation sits on 1,279.5 Tcf of technically recoverable natural gas resources. Moreover, the country is much less reliant on other countries for its natural gas supply than it is for its supplies of crude oil.
"We are enthusiastic in part because of the rapid transformational changes under way not only in the United States but across the globe," stated Walters. "It wasn't too long ago that some considered natural gas to be a byproduct. Over time, cleaner burning natural gas has proven a place in the energy niche through its abundance and affordability."
Natural gas serves many purposes. It powers cities, heats homes and businesses, helps with the reliability of renewable energy, and even serves as transportation.
"It's fitting that CERA's overall theme this week is the quest of energy security in the future of economic growth," Walters said. "There is a new geography of supply and demand and natural gas is leading the way.
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