Future U.S. natural gas supplies jump to record high

Estimates of future supplies of U.S. natural gas increased to 3,374 trillion cubic feet, a 20% increase over the last projection in 2016, according to a biennial assessment of the nation's gas resources at the end of 2018.

That is the highest amount of gas ever assessed by the Potential Gas Committee in its 54-year history and the increase was the biggest two-year rise for the report, according to a release from the American Gas Association (AGA), an industry trade group.

"This report verifies that our nation has more natural gas than at any point in our history, ensuring that American families and businesses can rely on this clean, affordable source of energy for many generations,” AGA President and Chief Executive Karen Harbert said in a statement.

One billion cubic feet of gas is enough to supply about 5 million U.S. homes for a day.

AGA said the country continues to set new gas supply records because of technological improvements and continued learning in gas exploration and production.

The increase resulted from reassessments of shale gas resources in the Atlantic and Mid-Continent areas and conventional and tight gas in the Mid-Continent and Rocky Mountain areas, AGA said.

The Potential Gas Committee was established in the 1960s and is made up of over 800 experienced volunteer geoscientist and engineers that contribute to the assessment. (Reporting by Scott DiSavino Editing by Marguerita Choy)

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