The Marcellus is now America's biggest gas producing field that provides already 9 billion cubic feet per day and soon will produce an amazing 10 billion cubic feet per day. Gas principally from Pennsylvania but also West Virginia and Ohio now totals about 15% of America's daily gas supply. Incredible.
http://seekingalpha.com/article/1264711-marcellus-shale-10-bcf-per-day-in-2013.
These incredible, actual production numbers also again refute assertions that the Marcellus or shale gas is a Ponzi scheme. The idea that shale gas is a Ponzi scheme will join the long list of false, vampire-like conspiracy theories such as the moon landing was faked.
Marcellus production will hit 10 billion cubic feet per day in 2013, even though gas prices for the last two years have been below $4 and averaged about $2.73 during 2012. Amazingly, production is still going up, despite about a 35% reduction in drilling in Pennsylvania during the first 6 weeks of February 2013 compared to the same period in 2012.
And now that gas prices have approximately doubled from their April, 2012 low and are approaching $4 again, the pace of new gas drilling may well quicken. At this point, gas production from the Marcellus is so big that it is shaping the entire American natural gas market. And all signs point to it playing that pivotal role for many years to come.
And so it is of utmost importance that everything possible is done to reduce the negative impacts on the residents of the gasfields. Why is that so controversial?
ReplyDeleteYou are right. And it shouldn't be so controversial.
DeleteI remember just a few short years back when Marcellus was but a rumor floating around the office. Back when gas was $14.00+. Now the price of gas is below $4.00 and the Marcellus is the largest producing field in the country.
ReplyDeleteIt's an absolute marvel and really showcases how American ingenuity and hard work can still make amazing things happen in this country. But what's even more marvelous is that what we've seen is just the tip of the iceberg. We're barely into the first inning in a 9 inning game.
It all depends on your proximity to that iceberg...For this to be a good thing gas companies must do more to control and decrease the negative impacts..
ReplyDelete