“I say we probably cross that threshold within the next couple years, and by 2030, we will have a big lead on petroleum,” said EQT (EQT) CEO Toby Rice.
Natural Gas Gains as EVs Stall Petroleum Demand
U.S. natural gas production has surged in recent years due to advancements in fracking and horizontal drilling. That’s helped lower the price of natural gas compared to oil, which has kept energy costs more competitive and narrowed the gap between the two fuels.
Meanwhile, consumption of motor fuel, which is the primary driver of overall usage, has stagnated as electric vehicles gain market share. Data centers, powered by electricity produced by natural gas, have also emerged as a growing source of demand. The EIA estimates natural gas demand to grow 3.4% between 2025 and 2027, outpacing petroleum at just 0.6%.Disclaimer & DisclosureReport an Issue
