Monday, November 16, 2009
America's Natural Gas Revolution - WSJ.com
Technology often overcomes seemingly impossible problems and the extraction of natural gas looks to be a current success.
Did I hear someone say, "Drill, Baby, Drill"?...
Did I hear someone say, "Drill, Baby, Drill"?...
Daniel Yergin and Robert Ineson: write about it in the Wall Street Journal:
"The supply impact has been dramatic. In the lower 48, states thought to be in decline as a natural gas source, production surged an astonishing 15% from the beginning of 2007 to mid-2008. This increase is more than most other countries produce in total.
Equally dramatic is the effect on U.S. reserves. Proven reserves have risen to 245 trillion cubic feet (Tcf) in 2008 from 177 Tcf in 2000, despite having produced nearly 165 Tcf during those years. The recent increase in estimated U.S. gas reserves by the Potential Gas Committee, representing both academic and industry experts, is in itself equivalent to more than half of the total proved reserves of Qatar, the new LNG powerhouse. With more drilling experience, U.S. estimates are likely to rise dramatically in the next few years. At current levels of demand, the U.S. has about 90 years of proven and potential supply—a number that is bound to go up as more and more shale gas is found."
