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Global gas demand is set to grow 1.6% every year for the next five years and the U.S. is on pace to become the biggest exporter of liquefied natural gas by 2022, the International Energy Agency reported.
The U.S. is already the biggest natural gas producer, but it's challenging Qatar and Australia to become the leader in converting that natural gas into LNG. The IEA suspects the U.S. will provide more than one-fifth of global gas output by 2022.
Three major LNG terminals are being built on the Texas coast. The completion of those terminals will double the number of LNG ports currently in use in the U.S.
Demand for LNG will steadily grow in the next five years. China is expected to lead 40% of the demand growth.
Feux Follets says
Wow. Seems like the US will be a major disruptor in the international scene when it comes to LNG. Prices will remain low with huge quantities of gas hitting the market. The technology that has been developed to extract so much gas, so cheaply will spread throughout the globe putting even more pressure on prices.
Good. It helps the planet as LNG is a lot cleaner than oil and coal, and the terrorist supporting countries get hurt.