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Natural gas and nuclear power could help meet a surging demand for electricity across the globe over the next three decades as growing environmental concerns and costs start to price coal out of the market, Exxon Mobil predicted today.
Manufacturers terrified that rising natural gas prices threaten their bottom line are stepping up pressure on the Obama administration to limit exports of the fossil fuel in the wake of a study that said selling more overseas would broadly benefit the United States.
With natural gas production continuing to rise, the commodity price will stagnate or decline next year, according to Standard & Poor’s Ratings Services projection.
Australian Woodside in the Eastern Mediterranean: Throwing a Wrench in an Already Topsy Turvy Region
On December 2, Noble Energy, the Houston company that has played a vital role in drilling and confirming massive deep-water natural gas deposits (the largest in recent memory) in Israeli and Cypriot waters, announced a 30 percent sale of the Leviathan field to Australia’s Woodside.
The number of rigs active in natural gas regions has fallen by more than half over the year. But the county produced 5 percent more natural gas during the first nine months of the year, compared to the same period in 2011.
Chesapeake Energy Corp’s aggressive efforts to get more vehicles to use natural gas continued this week as the company announced a conversion kit to allow long-haul trucks to run on the resource.
Pangea LNG Holdings is seeking to build a plant in south Texas that would liquefy natural gas and sell it overseas, joining a flurry of firms asking the government for approval to export the fossil fuel.
Stiffer environmental regulations and the falling price of natural gas could cause the nation to lose between 15 percent and 24 percent of coal power generation by 2035, according to a GAO forecast.
A detailed formula developed by the Drive Natural Gas Initiative calculates that a fleet of small delivery trucks would cost $72,543 each over their lifetime running on diesel, compared to $50,072 on compressed natural gas.
The United States stands to get a big political and economic boost by allowing exports of liquefied natural gas to Japan and other countries, top senators said Wednesday.