Filed under: Capitalism, Democrat Corruption, Domestic Policy, Economy, Energy, National Security | Tags: American Ingenuity, Natural Gas, Technology, The Marcellus Shale
I posted this map of shale formations in the U.S. about ten days ago. Note the Marcellus Shale, the biggest of the red areas. The subsurface area comprises about 50 million acres, and the economic outline encompasses an area of about 18 million acres. That’s big.
The United States consumes 22 trillion cubic feet (TCF) of natural gas per year — estimates for recoverable reserves are that it will produce something in the neighborhood of 489 trillion cubic feet. Recent reported recoveries suggest that this may be very conservative. The Marcellus will provide more than 20 years of consumption for the entire country, as well as more than 100,000 new high paying jobs which are being created in an economically depressed rural area of Pennsylvania.
American natural gas was in long term decline prior to the advent of significant production from the new Shale programs. The rise of production from the Shale Fields beginning in 2006 changed everything, and we are now seeing increasing production, a halt to imports and decreasing natural gas prices. What’s not to like about that?
U.S. Monthly Gas Production
A few encouraging facts from Gregory R. Wrightstone. You might want to keep them in mind when you hear the pronouncements from the EPA, Interior, DoE, and all the varied bureaus and offices of the Obama Administration.
The Obama administration recently told Congress that accelerated permitting and financial incentives have helped to fuel a booming interest in developing wind, solar and geothermal power on public lands, but continuing and future development will depend on a strong commitment and dependable incentives from Congress.
Read that again. Because the government is giving away permits and grants and startup money people are interested in developing inefficient power, but if Congress doesn’t keep supplying the commitment in the form of loan guarantees, the grant program, and permitting that is deliberate, careful and on time — whoa.
Wasn’t there something about permitting in the Gulf of Mexico that is so far overdue that a federal judge is having to issue demands to Salazar to act within 30 days or face the consequences?