The energy industry plans to pour more money into America's natural gas infrastructure over the next 12 years—a lot more.
Annual spending on infrastructure dedicated to the gathering, storage and pipeline shipping of natgas in the United States will continue to rise, hitting a staggering $34.5 billion in the year 2022, according to information released Tuesday by the American Petroleum Institute. That's up from an estimated $18.9 billion this year.
API sees spending roughly leveling off in 2023. The industry group's figures do not include natgas investments into railways or marine transport.
The reasons for the massive investment are fairly simple: First, U.S. natural gas production is booming. The United States is now the world's largest natural gas producer, turning out 65 billion cubic feet per day, according to a study from BP.