The United States reported some 16.4 trillion cubic meters in natural gas reserves in 2022. This was a notable increase compared to the previous year, which had been stifled by economic woes due to the pandemic. Increasing amounts of proved natural gas reserves in the United States correspond with a global trend as production techniques develop and further appraisals and discoveries are made.
The U.S. natural gas industry expands
As oil prices rose after the 2008 Recession, natural gas consumption increased as markets turned to a more affordable source of fuel. Low interest rates and a temporarily destabilized oil market gave investors greater incentive to develop unconventional methods of gas extraction, such as horizontal drilling and hydraulic fracturing. These developments made it more cost-effective to extract from natural gas reserves deep underground that were previously hard to reach.
The rise of shale gas
Implementation of hydraulic fracturing, also called “fracking,” has led to an unprecedented increase in the production of shale gas in the United States. Heightened interest in natural gas and expanded extraction capabilities have contributed to greater exploration of previously unattainable source rocks in the United States and abroad.
Proved natural gas reserves in the United States in select years from 1960 to 2022
(in billion standard cubic meters)
Characteristic
Reserves in billion standard cubic meters
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OPEC. (December 14, 2023). Proved natural gas reserves in the United States in select years from 1960 to 2022 (in billion standard cubic meters) [Graph]. In Statista. Retrieved July 03, 2024, from https://www.statista.com/statistics/265316/proved-natural-gas-reserves-in-the-us/
OPEC. "Proved natural gas reserves in the United States in select years from 1960 to 2022 (in billion standard cubic meters)." Chart. December 14, 2023. Statista. Accessed July 03, 2024. https://www.statista.com/statistics/265316/proved-natural-gas-reserves-in-the-us/
OPEC. (2023). Proved natural gas reserves in the United States in select years from 1960 to 2022 (in billion standard cubic meters). Statista. Statista Inc.. Accessed: July 03, 2024. https://www.statista.com/statistics/265316/proved-natural-gas-reserves-in-the-us/
OPEC. "Proved Natural Gas Reserves in The United States in Select Years from 1960 to 2022 (in Billion Standard Cubic Meters)." Statista, Statista Inc., 14 Dec 2023, https://www.statista.com/statistics/265316/proved-natural-gas-reserves-in-the-us/
OPEC, Proved natural gas reserves in the United States in select years from 1960 to 2022 (in billion standard cubic meters) Statista, https://www.statista.com/statistics/265316/proved-natural-gas-reserves-in-the-us/ (last visited July 03, 2024)
Proved natural gas reserves in the United States in select years from 1960 to 2022 (in billion standard cubic meters) [Graph], OPEC, December 14, 2023. [Online]. Available: https://www.statista.com/statistics/265316/proved-natural-gas-reserves-in-the-us/