The Energy Information Administration today revealed data showing natural gas production grew nearly twice as fast as consumption growth between 2005 and 2012. Even though growth in consumption lagged behind that of production, the former still increased by 16% over that period. Most of the natural gas production growth occurred in Wyoming, Colorado, Pennsylvania and Oklahoma. The boom in production has significantly lowered reliance on imports in the U.S., which imported 58% less natural gas in 2012 than it did in 2005.
Meanwhile, consumption in OECD Europe decreased by 7% from 2005-2012 — mostly driven by declines in the U.K., Germany and Italy — and production in 2012 was less than half the 2005 level. That trend could soon reverse now that some oil majors are turning their attention toward Europe’s shale plays.