The US met 81% of its energy demand in 2011, the highest since 1992, according to data compiled by Bloomberg.
The surge in hydraulic fracturing in shale formations played a major role, and it has also resulted in an oversupply of natural gas.
According to the US Department of Energy's Short-Term Energy Outlook, by the end of October, natural gas inventories could reach a record of 3.95 trillion cubic feet (Tcf).
A recently released report by Five Star Equities finds that new natural gas pipelines being introduced later this year could add to the supply glut in the US. These pipelines could boost deliveries from the Marcellus shale deposit in the Northeast by as much as 30%.
Department of Energy data show that there are approximately 1,000 Marcellus shale wells that are uncompleted due to a lack of pipeline access.
Price Futures Group analyst, Phil Flynn, commented, "There are new pipelines coming up, and Marcellus gas is going to flood storage going into winter. Unless you get a really cold winter, prices are going to be in the $2 [per thousand cubic feet] range."