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Frontlines

CERA's Daniel Yergin says global gas markets will define the new century, just as oil did for the last 100 years.

Fortnightly Magazine - December 2003

security concerns is to develop the global LNG business and ensure that ample supplies come from many countries. Naturally, one might be concerned that in developing an LNG market, other countries that increase their natural gas consumption, such as China, would increase world demand and push gas prices higher. But Yergin responds that demand for global resources can be met primarily through open flexible markets, and that the larger concern in the natural gas industry is the economic consequence of allowing stranded natural gas to remain stranded around the world-especially as reserves of natural gas are as plentiful as that of oil. According to CERA, proven gas reserves total what, in oil terms, would amount to over 1 trillion barrels.

It appears that answering America's upcoming natural gas shortage may become one of the quintessential issues shaping energy industry policy debates going forward. Whether it is LNG that comes to the rescue or some other technology, we promise to stay on top of the issue. Happy holidays from all of us at the .

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