WASHINGTON — U.S. is on track to become a net exporter of natural gas by 2017, according a report from the Energy Information Administration released Tuesday.
U.S. net energy imports continue to decline and will end before 2030, the report said.
The boost in domestic production of crude oil coupled with slow growth in domestic demand will lead to the transition of the U.S. to a net exporter of natural gas for the first time since the 1950s, the annual energy outlook said.
Shale revolution brought by technologies like fracking has helped the U.S. get the largest volume of crude output increase over the past 100 years since EIA began keeping records.
The report indicates the shale resources will remain the dominant source of U.S. natural gas production. The organization’s monthly drilling productivity report released Monday, however, forecast a decline of 57,000 barrels per day of oil output from the most productive shale fields from April to May, the first time in more than four years.
On the other hand, crude oil price plunged to six-year lows, well below the organization’s projection a year ago. The price of crude would remain below $80 per barrel until 2020, according to the prediction. But it would bounce back in the long term and catch up with the previous projection in 2040.