One Tcf is equal to one trillion cubic feet, which is enough natural gas to: Heat 15 million homes for one year; Generate 100 billion kilowatt-hours of electricity; Fuel 12 million natural gas fired vehicles for one year.
According to the U.S. Energy Information Administration, the average household that relies on oil and propane for heating will spend 10 percent and 9 percent more, respectively, this year. On the flipside, those that heat with natural gas and electricity will have bills on par with last year’s expenditures. “Average expenditures for households that heat with oil or propane are forecast to be higher than in any previous winter,” the EIA noted.
The cost of natural gas per million British thermal units (MMBtu) is dropping, falling from 2010’s average price of $4.39 per MMBtu to $4.09 under the expected Henry Hub natural gas spot price for 2011. The cost of natural gas per thousand cubic feet was approximately $10.97 this year, down from 2009’s rate of 12.12.
A study from Deloitte shows that the shale fracking industry will continue to grow over the coming decades, with the current formations being pumped with hydraulic fracturing chemicals accounting for 50 percent of domestic production by 2030, Fuel Fix reports. Fracking natural gas operations also create almost half as less greenhouse gases than coalmining procedures, according to the New Yorker.