A major reason why 2012 was another record year for US natural gas supply is roaring production in Pennsylvania. Pennsylvania produced a startling 2 trillion cubic feet or 6.2 billion cubic feet per day during 2012. The Commonwealth's production accounted for 9% of the nation's gas, up from 1% in 2007.
Amazingly, those already remarkable numbers would be about 20% higher, had all the gas wells drilled in Pennsylvania had been connected to pipelines in 2012.
The record amounts of natural gas have crashed the price of natural gas and saved the 51% of families heating with natural gas about $500 and still more in lower electricity bills. Low natural gas prices have also caused a substantial shift from coal-fired generation to natural gas power plants, with the result that carbon emissions and toxic air pollution have plunged. These savings have been welcome relief to median income families and vital to poor households.
Shale production in Pennsylvania began in 2007, and 6 full years of production has now taken place. This year, 2013, will be the seventh for the shale boom in Pennsylvania and the tenth, eleventh, or more in Texas, Louisiana, Arkansas and other places.
The sustained, enormous production numbers, despite low gas prices, show that the shale boom is no Ponzi Scheme.