US on track to become net oil and gas exporter by 2022
The EIA projects that a slower domestic demand coupled with expanding growth in natural gas, and oil production will be the main driving factors for the transformation.
While coal is expected to play a role moving forward, the EIA has forecast greater development in natural gas and renewables after 2022.
The EIA report said:
"Almost all new electricity generation capacity is fueled by natural gas and renewables after 2022 in the Reference case. Natural gas prices are projected to remain lower than $5 per million British thermal units until the very end of the projection period. The costs associated with adding new renewable electricity generation capacity are expected to continue declining, especially for solar photovoltaic systems."
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