U.S. Nat Gas Production Hits New Record in Sept.
Updated: The EIA released data today on U.S. natural gas production for the month of September. On a seasonally-adjusted basis, natural gas production (both gross withdrawals and marketed production) in the U.S. reached new record-high levels in September of almost 2.5 trillion cubic feet for gross withdrawals and 2.1 trillion cubic feet for marketed production, about 6% above the year-ago levels. Compared to September 2006, natural gas production has increased by 22% over the last five years for gross withdrawals and 24% for marketed production.
Here's the opening paragraph from a related story on natural gas in The Economist from a few days ago, about why Europe may "have trouble replicating America’s shale-gas bonanza," at least in the short-run:
"Shale gas has turned the American energy market on its head. Production has soared twelve-fold since 2000, to 4.9 trillion cubic feet, or a quarter of the country’s total gas output. By 2035 the proportion could rise to half. As the shale gas flows, prices have come crashing down. Not long ago, America depended on imports of liquefied natural gas. Now it is likely to become a gas exporter. These benefits have not gone unnoticed in Europe."