Global supplies of natural gas may be much larger than once thought. Breakthrough technology in gas exploration and production has advanced much more rapidly than predicted, which will unlock vast fields of previously irretrievable fuel. A new process known as hydraulic fracturing, or “fracking”, which involves injecting liquids, sands, and chemicals underground to flush out gas pockets trapped in shale and sandstone rock formations has propelled a great leap forward in the industry. Combining this method along with horizontal drilling and 3-D seismic imaging to determine the location of potential underground gas wells prior to drilling has rapidly increased the efficiency of natural gas production. In the past decade, these techniques have doubled the success rate of discovering wildcat wells, or wells that are separate from any known gas fields.
The implications of this discovery are significant. The proportion of fuel that the United States needs to import will decrease as a larger domestic energy supply becomes available. Natural gas currently accounts for one quarter of U.S energy consumption, and 22 percent of electricity production. A report released on June 19th by the Potential Gas Committee found that estimated U.S. natural gas reserves have grown from 1,532 trillion cubic feet in 2006 to 2,074 trillion cubic feet in 2008, an increase of 35 percent. Shale gas now comprises 616 trillion cubic feet of reserves, almost one-third of the nation’s total. This promising outlook for the natural gas market, coupled with the development of solar, wind, and biofuel technology, will advance America’s goal for energy independence. According to Ambrose Evans-Pritchard, International Business Editor for Telegraph publication, “As for the U.S., we may soon be looking at an era when gas, wind and solar power, combined with a smarter grid and a switch to electric cars returns the country to near energy self-sufficiency.” Most importantly, the United States will no longer be transferring billions of dollars in wealth overseas by importing two-thirds of its oil, much of it from politically unstable countries.
