As natural gas prices rise, many natural gas companies are struggling to find customers for their projects.
In fact, there are now more gas plants in the United States than coal plants, according to a new study by the Energy Information Administration.
The findings suggest that natural gas production could be on track to surpass coal production by 2020, even as it continues to lag in global warming.
In a report released Tuesday, the EIA found that natural-gas production grew by 10% in 2020 compared with the previous year, largely due to growth in shale gas production.
That was driven by a surge in natural-field construction, especially in North Dakota, South Dakota and Ohio, the report said.
The EIA’s findings come as the industry is grappling with soaring costs.
This week, U.S. gas prices rose to their highest level since March 2018, according the EAA, which cited a decline in gas prices as a major factor.
That increase has been driven in part by surging demand from Asia, which has become the biggest source of demand for U.N.-sanctioned fracking.
According to the ECA report, there were 1,813 natural gas-fired plants operating in the U.H.S., up from 634 plants in 2020.
That represents a 17% increase over the year before.
That growth has been fueled by the emergence of new natural-energy technologies like shale gas, which is a natural gas mixture that contains carbon dioxide and methane gas.
A new report from the American Association of Petroleum Geologists (AAPG) also found that the U,S.
natural gas boom is the fastest in decades.
According to the study, natural gas is currently the fourth-largest fuel in the world after coal, oil and natural gas.
That includes a large amount of natural gas being produced by U.K. and France.
U.S.-born Gasan Tarek Atef, who is a senior fellow at the Peterson Institute for International Economics, told Politico that the industry has a lot to do to catch up.
“If we are to be competitive, we need to invest in our infrastructure and infrastructure innovation,” he said.
“This is not the time to focus on a gas-only industry.”