Natural Gas-Powered Vehicles Gain in Popularity/Long Term Potential is Bright Thanks to Low Shale Gas Prices

Natural gas vehicles (NGVs), that is cars and trucks that run on either compressed natural gas (CNG) or liquid natural gas (LNG), are already in use around the world, especially in municipal fleets and buses. The U.S. Department of Energy reported more than 23 million NGVs worldwide and 175,000 in the U.S. by 2023. A large percentage of all new public transit buses run on natural gas, and a high percentage of the roughly 8,000 new trash trucks sold annually in the U.S. run on CNG.

Natural gas is an attractive fuel for vehicles, not only because it enjoys a highly developed production and pipeline infrastructure, but also because it is economically and environmentally friendly. While initially costing substantially more per vehicle than standard fuel equivalents, natural gas engines save 30% or more on fuel costs, making the investment potentially very worthwhile over the long term, especially for commercial vehicles that drive long total distances each year. Emissions are significantly lower overall and have much lower concentrations of polluting particles and harmful gases. Recognizing the possible economic benefits, UPS has put natural gas trucks in service to haul its packages, including test trucks running on compressed natural gas, liquefied natural gas or propane. GE, FedEx, AT&T, PepsiCo, Budweiser and Waste Management have converted parts of their fleets to natural gas as well.

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Natural Gas-Powered Vehicles Gain in Popularity/Long Term Potential is Bright Thanks to Low Shale Gas Prices, Business and Industry Trends Analysis

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