Asia natural gas demand expected to grow rapidly
Asian natural gas consumption is set to more than double over the next 30 years, increasing the need for imports from abroad, the U.S. Energy Information Administration said Monday.Democrats would cede this demand to Australia and Qatar if they follow through with their idiotic plan to ban fracking. Banning fracking would also do great damage to the Texas and Pennsylvania economies and lead to a nationwide recession.
The federal agency predicted demand there will reach 120 billion billion cubic feet a day by 2050, 50 billion cubic feet above projections of Asia's gas supply.
"This supply imbalance widens through the projection period, resulting in non-OECD Asia’s increasing reliance on natural gas imports from other regions," EIA said in a report. "China continues to be the largest natural gas consumer in non-OECD Asia: in 2050, EIA expects that China will consume nearly three times as much natural gas as it did in 2018."
Asia is a critical market for U.S. LNG developers, who are building export facilities at a fast clip along the Texas Gulf Coast to take the growing volumes of gas coming from U.S. shale fields.