With natural gas being extracted from underground shale deposits, the price of natural gas in the United States has been virtually slashed in half – making it some of the cheapest energy in the world.
The United States is also expected to become a net exporter of many fuels in the next decade. “It certainly gives the U.S. a clear competitive advantage,” said Mustafa Mohatarem, chief economist at General Motors. Higher oil outputs and fewer imports will have many growing affects on the United States economy.
In the trucking and plastics industry, the shale gas revolution’s presence is apparent. Many truck stops around the nation are adding tank stations of super-cooled natural gas, as it is cheaper than diesel fuel. “When we call up trucking companies now, it’s one of the first things they ask about,” said Jimmy Haslam, CEO of Pilot Flying J, one of the country’s largest truck stop chains.
The U.S. crude oil production has declined within the past few decades, but the shale gas boom has forced the numbers to steadily increase within the last 3 years. The U.S. Energy Information Administration believes that the U.S. will still import twice the amount of energy as it exports in 2035, decreasing the country’s dependency on foreign oil supply.