Recent natural gas discoveries in the United States are massive and with new drilling and extraction technologies supply continues to grow at an unprecedented rate.
Huge new fields also have been found in Texas, Arkansas and Pennsylvania. One industry-backed study estimates the U.S. has more than 2,200 trillion cubic feet of gas waiting to be pumped, enough to satisfy nearly 100 years of current U.S. natural-gas demand.
As reported by the Journal today a new discovery, this time in Lousiana, is so massive that it could replace 18 years worth of oil consumption in the United States alone.
Look for incentives to by the Obama administration promote the use of gas in energy generation and transportation. This should be good for those companies who move gas around along with those companies that make gas conversion and related products.
It is no wonder that natural gas future prices have broken down to new lows trading at 3.37 per mcf. This is down from a peak of 14 per mcf in July 2008.
At this price and now with this supply it makes for compelling economics to convert to natural gas consumption at the expense of crude oil, coal and vs most other “green technologies such as wind and solar power.
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