Natural gas development, thanks to a controversial technique called hydraulic fracturing, or "fracking," is seeing a boom unprecedented in recent decades. In March, two milestones were reached: Natural gas imports hit a 20-year low, and domestic production hit a 20-year high.
The United States, in fact, is now the largest producer of natural gas in the world. On the stump in January, President Obama proclaimed that the US is the "Saudi Arabia of natural gas."
Proven reserves are still growing because of fracking, which is being investigated by the Environmental Protection Agency for potential ground-water pollution. Because natural gas production is outpacing domestic consumption, the US by 2016 could become a net exporter of liquefied natural gas and by 2020 an overall exporter of natural gas, according to the Energy Information Administration's estimates released Dec. 5.
Increased shale gas production, steady supply, and lower natural gas prices are also expected to mean faster growth for metals processing and the industrial production of chemicals.
– Mark Clayton, Staff writer
