Baker Institute finds increased domestic production won't make US self-sufficient in n... (75 percent of federal lands were availab...)

Baker Institute finds increased domestic production won't make US self-sufficient in natural gas

Date:11/19/2007

75 percent of federal lands were available for private lease to oil and gas exploration companies. Since then, the share has fallen to 17 percent.

Given the importance of the changing outlook for North American natural gas supply and U.S. oil and natural gas prices, the Baker Institute embarked on a two-year study, Natural Gas in North America: Markets and Security, to investigate the future development of the North American natural gas market and the factors that will influence security of supply and pricing.

The Baker Institute Energy Forum developed a world gas trade model. The Baker Institute World Gas Trade Model (BIWGTM) simulates future development of North American natural gas trade based on the economics of resource supply, demand and commodity transportation, and it determines a market-clearing price in the process.

To determine whether the United States and its allies will become vulnerable to increasing market power of major international natural gas suppliers, like Russia and countries of the Middle East, and the role that existing drilling restrictions in the United States play in this question, scenario analysis is utilized to determine the possible effects of a complete lifting of restrictions on drilling in the Rocky Mountains and Outer Continental Shelf (OCS). The aim of these scenarios is to examine whether the impact of the increase in natural gas production from these now blocked U.S. regions would reduce the monopoly power of any potential large supplier or group of large suppliers and, similarly, would ameliorate the impact of a major accidental disruption of natural gas supply.

The Baker Institute's scenario analysis shows that opening restricted areas in the OCS and Rocky Mountains to drilling and natural gas resource development will not render the United States energy independent nor will it even lower U.S. dependence on liquefied natural gas (LNG) imports in 2015 by a significant volume. Price impa
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Contact: David Ruth
druth@rice.edu
713-348-6327
Rice University
Source:Eurekalert

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Baker Institute finds increased domestic production won't make US self-sufficient in n...(75 percent of federal lands were availab...)