Posted on 06/18/2009 11:35:00 AM PDT by balls
COLUMBUS, Ohio - The country's natural gas reserves are much bigger than previously thought, according to a report released Thursday.
Thanks to new technology that has allowed producers to drill for gas in shale rock, the Potential Gas Committee in Golden, Colo., said that the country's estimated reserves are 35 percent higher than just two years ago and have reached the highest level since the group started tracking the information 44 years ago.
The report comes as natural gas is being touted as a way to help reduce U.S. dependence on foreign oil and cut emissions that lead to global warming.
"Our knowledge of the geological endowment of technically recoverable gas continues to improve with each assessment," John Curtis, professor of geology and geological engineering at the Colorado School of Mines and the committee director, said in a statement. "Furthermore, new and advanced exploration, well drilling and completion technologies are allowing us increasingly better access to domestic gas resources — especially 'unconventional' gas — which, not all that long ago, were considered impractical or uneconomical to pursue."
The committee, a volunteer group backed by natural gas producers and utilities, estimated the country's total natural gas resources at 2,074 trillion cubic feet, an increase of 542 trillion cubic feet from its last report.
Our reserves are 35% higher than they were last week, according to Street Signs guest on CNBC
NG futures dropped today on this week’s natural gas inventory #s and not on a report stating what everybody in the natural gas industry has already known about for years.
jas3
Yes, but the gas bags in Washington won't permit us to be energy independent. Wonder if we could tap them for some extra methane? Seems like a good source!
No. My winter NG bills are ridiculous enough as it is. We don’t need to increase demand for NG tenfold.
“Bullsh!t.”
“Not bullsh!t, pigsh!t.”
-Pigsh!t.The lights,
the motors, the vehicles. .. . .all run by a high-powered gas called methane.
Lots of natural gas under the great lakes too. As things stand now, its going to stay there.
Speaking of which in need to make some Baked Beans tonight! :-)!
estimated the country’s total natural gas resources at 2,074 trillion cubic feet,
or
2 quadrillion cubic feet?
Wonder how Palin’s pipeline is coming along.
Maybe Jane Fonda can make another propaganda movie and shut down another entirely safe, inexpensive and wholly viable energy industry.
Damn ... that looks like he’s dipping.
BTTT
Of course we would have to be allowed to exploit those reservesn for it to matter, and its a safe bet that this government will prevent that.
Shale Gas Puts Alaska Line in Doubt: Pickens
Reuters | 18 Jun 2009 | 05:46 AM ET
Billionaire oil investor T. Boone Pickens said on Wednesday he doubts a $26 billion natural gas pipeline from Alaska will be built any time soon as abundant new shale gas supplies reduce the need for the expensive project.
Pickens, who is promoting a plan to boost investment in wind power and natural gas to cut U.S. oil imports, said at a Calgary appearance that he sees little need for Alaskan gas given massive shale gas discoveries in the Barnett shale play in Texas and elsewhere
Inventories are at an all time highs.
There are 900 land drilling rigs without contracts due to gas inventories and commodity price.
90% of the US land drilling rigs drill for gas, not oil.
So, math whiz kids: How many year supply do we have? ;)
In Louisiana recently they discovered the Haynesville shale basin recently. It is estimated that there is enough natural gas there to replace all oil imports for the next 20 years. However, I understand that the cost to extract this gas may necessitate a higher natural gas price to be economical.
Pickens is full of pig poop. There is a surplus today, but as global/national demand increases (and it will according to energy advisors and industry projections), the AGIA pipeline WILL be needed.
Mr. Pickens and associates are being shortsighted. It also sounds like a jab at Palin’s AGIA success.
Acording to the CNBC story, horizontal drilling allows NG to be extracted directly from shale deposits at a much lower cost.
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