New IEA Report: NatGas in Transportation About to “Take Off”
The International Energy Agency (IEA) today released their Medium-Term Gas Market Report (MTGMR), in which they say U.S. natural gas production will accelerate from 2014 through 2018 as higher prices spur drilling and infrastructure expansion brings more shale supplies to market. There are a number of interesting tidbits in the study (see a summary and slide show embedded below).
Among the predictions in the report is that natural gas is about to take off in a major way as a transportation fuel, making a serious dent in oil: “Thanks to abundant shale gas in the United States and amid more stringent environmental policies in China, gas is expected to do more to slow oil demand growth than electric vehicles and biofuels combined.”
The IEA press release announcing the latest MTGMR: