Natural gas companies, like coal, have been booming in recent years as investors seek cheaper ways to get their energy into the world’s power grids.
But they are also facing competition from renewable sources, which have been making a comeback in recent months.
Now a new report from the Natural Gas Association of America (NGAA) finds that natural gas is now the fastest-growing natural gas source in the U.S., overtaking coal and overtaking oil.NGAA reports that natural-gas companies are now making an average of $5.74 billion a year from the energy sources they own.
Natural gas has made a $1.27 trillion economic contribution to the U to date, according to a 2016 report by the National Association of Manufacturers.
That figure includes about $2.5 trillion in electricity generated from natural gas in the last decade.
In a separate report, the New York Times reported that the U is now a net exporter of natural gas — that is, the U imports a lot of natural-Gas from other countries but exports the same amount back to the country, creating an export credit.
That credit is a major part of the overall U.N. climate deal, which aims to keep global warming below 2 degrees Celsius (3.6 Fahrenheit) above pre-industrial levels.
The new report by NGAA also found that natural energy sources account for $3.2 trillion in annual energy production in the United States, or about 40 percent of the nation’s total.
That includes about 13 percent of all new U.s. oil production, a new energy source that is expected to increase substantially in coming years.
The report found that oil production is also forecast to increase in the coming years by about 25 percent annually, from about 7.7 million barrels per day in 2020 to about 12.8 million barrels a day by 2023.
Natural gas is also the second-biggest source of electricity in the country.
The new report also found natural gas’s contribution to electricity generation has increased from about $3 trillion in 2020, or 37 percent, to $8.2 billion in 2021.
And natural gas was the biggest source of new electricity generation in 2021, the last year for which data was available.NGAAAA reports that the natural gas industry is also growing rapidly in both new capacity and capacity additions.
It said the number of natural natural-fueled plants grew by 4.5 percent in 2021 from the previous year, or a total of about 4,600 megawatts of capacity.NGAAA said natural gas plants increased capacity by more than 2.5 times over the same period, from 7,600 MW to 21,400 MW.