Southern gas has become the cheapest of the three natural gas supplies, according to a new report by Bloomberg New Energy Finance.
Gas from the Middle East and Africa is the second cheapest, followed by Brazil’s natural gas.
The report, based on data from the International Energy Agency, shows that the price of natural gas in the U.S. has been dropping for the past two years, with the average price falling to $1.50 per million British thermal units in April, down from $1,400 in January.
Natural gas in China has been increasing in price over the past year.
In May, China was the third cheapest natural-gas market in the world, according a Bloomberg report.
Gas prices are a crucial part of the U,S.
economy, with an estimated $4.4 trillion worth of natural-source gas capacity under development, according the Energy Information Administration.
A new study by Bloomberg predicts that by 2030, the U!s shale gas revolution will produce as much as $40 trillion of new economic activity in the country.
This would translate into a potential $20 trillion annual revenue for the U., according to the report.
As of July, the average cost of a barrel of gas in Texas was $1 per thousand cubic feet, according data from Baker Hughes.
In comparison, natural gas is cheaper than coal in most of the world.
According to the Bloomberg report, in the first nine months of this year, natural-sources accounted for nearly a quarter of the total U..
S.-produced natural gas production.