New report from NRG Expert reveals that gas prices are set to rise as natural gas becomes the number two energy source after oil
Wednesday, 22 February 2012
NRG Expert’s Global Natural Gas Report states that natural gas is set to become the number two fuel in the global energy mix after oil. The EU predicts that demand for natural gas will more than double from 1990 demand levels by 2030, while the International Energy Agency estimates that natural gas will make up 25% of primary energy consumption by 2035.
London, UK (PRWEB UK) 22 February 2012
Despite short-term dips, natural gas prices have been increasing since 1999 and are expected to continue to rise. While North American gas prices are expected to remain stable until 2018, “the only way is up” for gas prices for other regions. In its World Energy Outlook 2011, the International Energy Agency projects that natural gas prices will increase further unless USD 9.5 trillion is invested over the next 25 years.
The United States and Russia are the largest producers of natural gas in the world, reaching 37% of total production in 2010. They are also the largest consumers in the world, causing the United States to become a net importer to meet domestic demand. Other high growth markets for consumption up until 2050 are projected to be South and Central America (4.2%) followed by Africa (2.8%) and the Asia Pacific region (2.7%). Surplus gas reserves – and therefore exports – are expected in the Middle East, the CIS region, North America and Africa.
“The growth in demand for natural gas is not a recent phenomenon”, according to Max Krangle, Managing Director of NRG Expert. “Natural gas consumption has been growing for over 90 years, first due to the switch from coal and, more recently, due to gas’s lower CO2 emissions compared to oil and coal and its reliability as back-up for intermittent renewable energy sources, such as wind and hydroelectric power.”
NRG Expert is a London and Toronto based energy intelligence and market research publisher. NRG Expert provides up to date information and analysis of worldwide energy markets, including electricity, natural gas, coal, nuclear, renewable energy, water and waste, and all elements of energy infrastructure. To find out more about NRG Expert reports and databases please visit http://www.NRGExpert.com.
Submitted by David Galland of Casey Research
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