PGC Report: U.S. natural gas resources at record levels, up 5 percent

economic-forecast-headerThe American Gas Association (AGA), in coordination with the Potential Gas Committee (PGC), today released the PGC’s year-end 2014 biennial report: Potential Supply of Natural Gas in the United States.

The new assessment finds that the United States possesses a technically recoverable natural gas resource potential of 2,515 trillion cubic feet (Tcf). This is the highest resource evaluation in the PGC’s 50 year history— a 5.5 percent increase of 131 Tcf from the previous record-high assessment from year-end 2012.

When the PGC’s results are combined with the U.S. Department of Energy’s latest available determination of proved dry-gas reserves — 338 Tcf as of year-end 2013 — the United States has a total available future supply that now exceeds 2,850 Tcf, an increase of 161 Tcf over the previous evaluation. The nation’s abundance of natural gas supports affordable prices for customers, bolsters U.S. energy security and provides efficiency and environmental solutions.

“These numbers underscore the fact that our nation can rely on domestic natural gas for our energy needs for years to come,” said Dave McCurdy, president and CEO of AGA. “This is great news for natural gas customers, who currently enjoy average savings of $693 per year per household. By investing in our energy future and advancing smart policy, customers can look forward to continued market stability and affordable prices.”

The future supply of domestic natural gas continues to grow due to the emergence and advancement of key technologies that are able to unlock gas production from reservoirs such as shale formations. For the next decade and beyond, natural gas supplies are expected to be high enough to support an increase in demand across all sectors – unlocking the door for expansion in residential, business, transportation and commercial and industrial applications – while providing continued savings.

“The PGC’s year-end 2014 assessment reaffirms the committee’s conviction that abundant, recoverable natural gas resources exist within our borders, both onshore and offshore, and in all types of reservoirs—from conventional, ‘tight sands’ and shales, to coals,” said Dr. John B. Curtis, professor emeritus of Geology and Geological Engineering at the Colorado School of Mines and Director of its Potential Gas Agency, which provides guidance and technical assistance to the Potential Gas Committee.

“Every day, America’s natural gas utilities deliver energy solutions to more than 68 million residential, commercial and industrial natural gas customers,” said McCurdy. “By enhancing safety and expanding service, we stand ready to deliver this abundant resource and support the nation’s economic, efficiency, environmental and security goals. We appreciate and welcome the sound scientific work that the PGC and its members have put into developing this valuable report.”