Industrial Insight

Shale NG and Fracking is big! | October 9, 2010

Peter Foster October 8, 2010 – 10:24 pm

A sign that shale gas has great potential is that greens are trying to shut it down

Read more: http://opinion.financialpost.com/2010/10/08/peter-foster-the-growing-fallout-of-the-shale-revolution/#ixzz11sMedTZd

That is due to the stunning improvements in the technologies of hydraulic fracturing and horizontal drilling that have made the production of vast amounts of shale gas feasible.

This gas not merely presents the possibility of an economic bonanza in many areas, including B.C. and Quebec, but of enhancing much-coveted U.S. energy independence. It also promises to rearrange energy geopolitics. But for the moment, it is aggravating a supply glut in North America. On Thursday, prices on the New York Mercantile Exchange slumped 6.4% to US$3.62 per million British thermal units (which is roughly equal to a thousand cubic feet).

Last year, the “Potential Gas Committee,” a group of specialists linked to the Colorado School of Mines, reported the biggest increase in U.S. natural-gas reserves in its 44-year history, from 1,532 trillion cubic feet (TCF) in 2006 to 2,074 TCF in 2008.

The Marcellus shale field alone, in New York and Pennsylvania, has been estimated to be worth as much as US$2-trillion. The American Petroleum Institute has calculated that it could support 280,000 jobs. In Quebec, a report this week suggested that the industry could create almost 5,000 jobs a year for the next 10 years.

So much for running out of hydrocarbons.

Read more: http://opinion.financialpost.com/2010/10/08/peter-foster-the-growing-fallout-of-the-shale-revolution/#ixzz11sMI68PS


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About author

I'm the executive vice president for a steel casting trade association, the Steel Founders' Society of America. I've got a crazy wife, five crazy children, three crazy people that married into the family, and two crazy fun little grandsons.

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