The Decline of Natural Gas Reserves: Implications for Storage and Energy Security

Abstract

The paper reviews the importance of natural gas and the different methods to store it while considering further researches in helping to store this product. Natural gas still remains the bedrock to the world's economy. It is a major contributor to the GDP of many countries. In the United States, Natural gas production alone added $385 billion to the country's GDP in 2008. Shahbaz et al. (2014) concluded that natural gas consumption has a great effect on economic growth. Sarawegi et al (2015) pointed out in their study that Natural gas has emerged as the single most important commodity which holds the fortune of every economy across the globe. Following the high demand of Natural gas, the question of its availability quickly arises to know how much of gas resources will be available for future plans and projects in order to improve operational efficiency, reduce cost at different levels, manage supply contacts and storage facilities. (Bianco et al, 2014) With the above information, there is then a dire need to conserve and preserve Natural gas underground using simple operational methods like the saline aquifers, the depleted reservoirs and salt caverns etc.