Oil and natural gas will continue to cover most of the country’s energy needs over the next two decades, according to a Department of Energy report. The projection is good news for Texas producers. Energy providers in Texas account for around 40 percent of U.S. oil production and 25 percent of natural gas output.
In addition, the report pointed to the critical role of advanced energy technology for economic development.
“Not only is natural gas the largest contributor to the Nation’s electric power generation, but oil and natural gas combined are revitalizing the U.S. petrochemical manufacturing industry, supplying high-tech materials, increasing commerce from exporting liquefied natural gas, supporting renewable energy, and creating well-paying jobs across the country,” noted a media release.
The report pointed to the “significant savings for American consumers due to lower energy costs.” The recent expansion of natural gas production made these savings possible. According to the report, natural gas will continue to be a crucial part of the energy mix for the foreseeable future.
“Natural gas will continue to help decrease carbon dioxide emissions from electricity production while providing secure, on-demand power needed for wind and solar energy to scale up,” the report noted. “Oil and natural gas also will continue to supply hi-tech materials that make renewable, low-carbon energy sources economically feasible.”