Thursday, August 25, 2011
All that fracking gas they talk about
According to the latest estimates, it is not as fracking much as they were ballyhooing when they wanted investors.
Federal geologists published new estimates this week for the amount of natural gas that exists in a giant rock formation known as the Marcellus Shale, which stretches from New York to Virginia.Earlier estimates came out during the Big Oil presidency when everybody was looking for a new bubble. Now, in addition to a new methodology, they have actual experience to measure against pre drilling expectations.
The shale formation has about 84 trillion cubic feet of undiscovered, technically recoverable natural gas, according to the report from the United States Geological Survey. This is drastically lower than the 410 trillion cubic feet that was published earlier this year by the federal Energy Information Administration.
As a result, the Energy Information Administration, which is responsible for quantifying oil and gas supplies, has said it will slash its official estimate for the Marcellus Shale by nearly 80 percent, a move that is likely to generate new questions about how the agency calculates its estimates and why it was so far off in its projections.
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