Gas production expanded by a record 4.5 billion cubic feet per day in 2011, whereas demand fell behind at 920 million cubic feet. U.S. natural-gas production averaged 1.89 trillion cubic feet per month through October, or 13% higher than the average between 2000 to 2008.
“We have a supply of natural gas that can last America nearly 100 years, and my administration will take every possible action to safely develop this energy,” President Obama said at the State of the Union address Tuesday, according to Bloomberg.
U.S. Natural Gas Fund
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Max Chen contributed to this article.
Full disclosure: Tom Lydon’s clients own UNG.