United States | Natural gas rents (% of GDP)

Natural gas rents are the difference between the value of natural gas production at regional prices and total costs of production. Development relevance: Accounting for the contribution of natural resources to economic output is important in building an analytical framework for sustainable development. In some countries earnings from natural resources, especially from fossil fuels and minerals, account for a sizable share of GDP, and much of these earnings come in the form of economic rents - revenues above the cost of extracting the resources. Natural resources give rise to economic rents because they are not produced. For produced goods and services competitive forces expand supply until economic profits are driven to zero, but natural resources in fixed supply often command returns well in excess of their cost of production. Rents from nonrenewable resources - fossil fuels and minerals - as well as rents from overharvesting of forests indicate the liquidation of a country's capital stock. When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future. Statistical concept and methodology: The estimates of natural resources rents are calculated as the difference between the price of a commodity and the average cost of producing it. This is done by estimating the price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs. These unit rents are then multiplied by the physical quantities countries extract or harvest to determine the rents for each commodity as a share of gross domestic product (GDP).
Publisher
The World Bank
Origin
United States
Records
63
Source
United States | Natural gas rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0
1971 0.00255782
1972 0.04544401
1973 0.10764308
1974 1.02526291
1975 0.83498862
1976 0.77931281
1977 0.77932773
1978 0.67618736
1979 1.8231067
1980 1.73021092
1981 1.00605282
1982 0.18700882
1983 0.58281292
1984 0.62040826
1985 0.45951775
1986 0.09974839
1987 0.27686278
1988 0.17915625
1989 0.18431806
1990 0.16103765
1991 0.12530314
1992 0.21479275
1993 0.3072705
1994 0.24078524
1995 0.15658298
1996 0.30163993
1997 0.3219711
1998 0.21130303
1999 0.2533831
2000 0.57947592
2001 0.46675138
2002 0.30275562
2003 0.61279229
2004 0.56951129
2005 0.7972369
2006 0.38251345
2007 0.33935116
2008 0.55154073
2009 0.04506577
2010 0
2011 0
2012 0
2013 0
2014 0.05231927
2015 0
2016 0
2017 0
2018 0.00818926
2019 0
2020 0
2021 0.36320772
2022

United States | Natural gas rents (% of GDP)

Natural gas rents are the difference between the value of natural gas production at regional prices and total costs of production. Development relevance: Accounting for the contribution of natural resources to economic output is important in building an analytical framework for sustainable development. In some countries earnings from natural resources, especially from fossil fuels and minerals, account for a sizable share of GDP, and much of these earnings come in the form of economic rents - revenues above the cost of extracting the resources. Natural resources give rise to economic rents because they are not produced. For produced goods and services competitive forces expand supply until economic profits are driven to zero, but natural resources in fixed supply often command returns well in excess of their cost of production. Rents from nonrenewable resources - fossil fuels and minerals - as well as rents from overharvesting of forests indicate the liquidation of a country's capital stock. When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future. Statistical concept and methodology: The estimates of natural resources rents are calculated as the difference between the price of a commodity and the average cost of producing it. This is done by estimating the price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs. These unit rents are then multiplied by the physical quantities countries extract or harvest to determine the rents for each commodity as a share of gross domestic product (GDP).
Publisher
The World Bank
Origin
United States
Records
63
Source