Reports about the game-changing nature of the country’s natural gas reserves, newly recoverable with the combination of hydraulic fracturing and horizontal drilling, seem to come out every week. But Marc S. Lipschultz, global head of energy and infrastructure for KKR & Co., says the ability to reap the economic benefits are far from assured. Among the key challenges, he said, are smoothing the boom-and-bust cycles in gas prices and mitigating the environmental impacts of gas drilling that limit social acceptance. Lipschultz estimates gas production could increase by 44 percent between 2011 and 2035. But there’s a pricetag. He says it...
