Posted on 12/23/2015 2:56:25 PM PST by bananaman22
The natural gas drilling frenzy is grinding to a halt, as the industry struggles with excess supply.
Natural gas prices have plunged to their lowest levels in more than a decade this month, dipping below $1.80 per million Btu (MMBtu).
The shale gas revolution is an old story at this point, one that everyone is familiar with. But the revolution never really ended, even though the media moved on to focus on the tight oil boom. Natural gas production continued to rise over the past decade, reaching record heights in 2015.
However, demand has not kept up, despite the rise in the natural gas power burn. Gas-fired power plants are replacing coal for electricity generation, but not quickly enough to soak up all of the extra supply coming out of U.S. shale.
(Excerpt) Read more at oilprice.com ...
I can’t wait until we use up all the natural gas to generate electricity, so that we don’t have any left to heat homes.
Saudi’s are directing their production to shut down frackers.
Well, we will have lots of wind and solar by then and be warm as toast when the wind is blowing and the sun shining.
The title of this article is misleading. The “basin” is not in decline - the exploration and exploitation of it is.
Dream on.
We are simply going to have to build a whole lot more natural-gas distribution lines, putting the new-found natural gas supplies in the hands of way more customers, and to expand the use of natural gas, build many more locally-positioned natural-gas-fired power generation stations, both to replace the coal-fired plants now being rapidly decommissioned, and to shore up our self-reliance on domestic energy sources.
And while you are at it, greatly expand the availability of compressed natural gas as a fuel source for internal combustion engines, both spark-ignition and Diesel, in fixed locations and in vehicles.
We have been given an unexpected wellspring to forge a whole new prosperity. Let us not waste the opportunity.
Job for the smart guys - design and get into production fuel cells that generate electricity DIRECTLY from natural gas, without going through intermediary steps that make use of natural gas for power generation from this method prohibitively expensive. It would involve using carbon monoxide->carbon dioxide reaction in the presence of oxygen (available everywhere in the atmosphere) directly to generate electric flow.
You call yourselves chemical engineers. Get to work.
You can keep natural gas for vehicle fuel, I’ll stay with diesel. Natural gas is good for many applications though. It’s what I primarily do as an electrician. Oil I do a little, but I build and maintain gas sites.
exactly....this is a move by the oil interests to ruin the natural gas industry...
Oil and natural gas are not particularly competitive. Further, wells that produce one will also produce some of the other.
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