Caterpillar Leads a "Golden Age of Natural Gas"

Caterpillar Leads a "Golden Age of Natural Gas"

Jim Umpleby, Caterpillar group president over Energy & Transportation discusses conservation and other benefits of natural gas
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Tuesday, November 25, 2014 - 12:00pm

CAMPAIGN: Caterpillar's 2013 Year In Review

CONTENT: Multimedia with summary

Economic growth in the developing world is creating a significant increase in the demand for energy. One of the things that has changed dramatically of the last decade or so is the increased use of natural gas.

What is driving demand for energy resources and, in particular, natural gas?
Global economic growth is driving significant demand for commodities, energy and infrastructure. Studies indicate that global energy demand will increase 100 percent between 2000 and 2040. Although renewable forms of energy, such as wind and solar, are growing rapidly in many countries, fossil fuels such as oil, coal and natural gas are still expected to meet 80 percent of the world's energy needs in the year 2040. The demand for natural gas is increasing rapidly due to abundant supply, low cost and emissions.

What type of transformation is the natural gas industry undergoing?
We're really coming into the golden age of natural gas, and the United States is at the forefront of this transition. We expect natural gas to play a larger role in the global energy mix during the coming decades. Advances in technology, such as well stimulation and horizontal drilling, have allowed oil and gas that were previously uneconomical to produce to be brought to the market. These new technologies have allowed the United States to become the leading producer of oil and gas in 2013. The rapid increase in natural gas production has reduced natural gas prices, offering a competitive advantage for the U.S. and is also creating many opportunities for Caterpillar, our dealers and our customers


CATEGORY: Environment