Natural gas prices are skyrocketing due to Summer demand
Working gas storage levels expected to be 142 Bcf lower by October, when compared to last year. Canadian production and liquefied natural gas (LNG) imports will be down 0.5Bcf/d and 1.5 Bcf/d, respectively. Lower gas demand in the electric power sector due to improved hydroelectricity and nuclear generation could trigger a drop of 0.1 Bcf/d in gas deliveries to the sector this year. A greater decrease will come from the U.S. industrial sector - with a 0.4 Bcf/d decrease (or a 2.1% decrease).
Only nuclear power can ease natural gas prices, avoiding economically devastating price shocks
Nuclear power plants generate 20 percent of the electricity produced in this country; however, all recent electric-generating capacity additions and projected future additions are primarily fueled by natural gas. The NEP has recommended expanding the role of nuclear energy as a major component of our Nation’s energy picture. An over reliance on a single fuel source, like natural gas, is a potential vulnerability to the long-term security of our Nation’s energy supply and new nuclear plants must be built in the next decade to address increasing concerns over air quality and to ease the pressures on natural gas supply.
Natural gas is vital to the chemical industry and the production of a laundry list of valuable inputs into the economy and energy
The current price of natural gas is the chemical industry's number one economic issue. Natural gas is the lifeblood of the chemistry business in the U.S. Not only do we use natural gas as a fuel but we also use it as an ingredient, or feedstock, for many of the products we make.
Natural gas and natural gas liquids contain hydrocarbon molecules that are split apart during processing and then recombined into useful chemical products. These products include life-saving medicines, health improvement products, technology-enhanced agricultural products, more protective packaging materials, synthetic fibers and permanent press-clothing, longer-lasting paints, stronger adhesives, faster microprocessors, more durable and safer tires, lightweight automobile parts, and stronger composite materials for aircraft and spacecraft. The business of chemistry also makes many of the products that help save energy throughout the entire economy, including insulation, house wraps, lubricants, and high-strength light-weight materials, enabling American industries and consumers to be more energy efficient. The business of chemistry is the only part of the economy that adds value to these hydrocarbon molecules rather than combusting them for energy.
|
