"Remarkable" was the word used by Energy Information Administrator Richard Newell last week to describe the sharp rise in U.S. natural gas reserves. In a report issued by his agency last week, Newell noted that U.S. proven natural gas reserves rose 3 percent in 2008.
The report also showed that natural gas reserves in shale formations rose an astonishing 51 percent over 2007. "This year's report underscores for a second year the technological shift in domestic exploration and production from conventional reserves to unconventional shales," Newell said.
In the past few years, the combination of horizontal drilling and hydraulic fracturing have unlocked the promise of natural gas in shale formations and have led to a natural gas boom in several regions of the country. The Barnett Shale in Te... more »