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U.S. to Slash Marcellus Shale Gas Estimate 80%

Discuss specific research and forecasts.

Moderator: Pops

U.S. to Slash Marcellus Shale Gas Estimate 80%

Unread postby Pops » Thu 25 Aug 2011, 14:57:28

Has this been posted and I missed it?

The U.S. will slash its estimate of undiscovered Marcellus Shale natural gas by as much as 80 percent after a updated assessment by government geologists.
The formation, which stretches from New York to Tennessee, contains about 84 trillion cubic feet of gas, the U.S. Geological Survey said today in its first update in nine years. That supersedes an Energy Department projection of 410 trillion cubic feet, said Philip Budzik, an operations research analyst with the Energy Information Administration.

http://www.bloomberg.com/news/2011-08-2 ... e-80-.html
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Re: U.S. to Slash Marcellus Shale Gas Estimate 80%

Unread postby dinopello » Thu 25 Aug 2011, 15:49:49

From the article:

“One fifth of a big number is still a big number,” Kevin Book, managing director at ClearView Energy Partners LLC, a Washington-based policy analysis firm


Yeah, a notional 100 year supply would become a 20 year supply, what's the biggie ?
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Re: U.S. to Slash Marcellus Shale Gas Estimate 80%

Unread postby MD » Thu 25 Aug 2011, 16:11:02

And the easiest half will be the first half... a small fact so often ignored.
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Re: U.S. to Slash Marcellus Shale Gas Estimate 80%

Unread postby peeker01 » Thu 25 Aug 2011, 16:45:51

Speaking of 100 year forecasts.........remember the 10 years of oil we had left in 1973?
Last edited by peeker01 on Thu 25 Aug 2011, 19:36:32, edited 1 time in total.
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Re: U.S. to Slash Marcellus Shale Gas Estimate 80%

Unread postby eastbay » Thu 25 Aug 2011, 18:54:32

dinopello wrote:From the article:
“One fifth of a big number is still a big number,” Kevin Book, managing director at ClearView Energy Partners LLC, a Washington-based policy analysis firm
Yeah, a notional 100 year supply would become a 20 year supply, what's the biggie ?

20 years at the current rate of consumption ... and like MD said, the first half is the easiest to produce and burn. I'm expecting NG prices to begin to rise fairly soon.
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Re: U.S. to Slash Marcellus Shale Gas Estimate 80%

Unread postby Ferretlover » Thu 25 Aug 2011, 19:28:32

Pops wrote:Has this been posted and I missed it?

Nope; nice find, Pops. :)
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Re: U.S. to Slash Marcellus Shale Gas Estimate 80%

Unread postby kiwichick » Thu 25 Aug 2011, 19:29:44

80% REDUCTION!!!!!!!!!!!!!!!!!

OUCH!!!!!!!


so much for gas saving the world
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Re: U.S. to Slash Marcellus Shale Gas Estimate 80%

Unread postby peeker01 » Thu 25 Aug 2011, 20:02:32

Two thousand feet below the Marcellus is the Utica Shale, and it might eclipse the Marcellus.
Don't bet against American drilling technology.

http://geology.com/articles/utica-shale/
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Re: U.S. to Slash Marcellus Shale Gas Estimate 80%

Unread postby Daniel_Plainview » Thu 25 Aug 2011, 20:29:22

Earlier this year, Alaska's untapped oil reserve estimates were slashed by 90%. Now, Marcellus' estimated shale gas reserves are slashed by 80%.

What happened to our beloved "abundance" and cornucopian Horn-of-plenty?

It's a good thing that we've got plenty more money to print so that we can afford to import more oil and gas.

This will not end well.
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Re: U.S. to Slash Marcellus Shale Gas Estimate 80%

Unread postby peeker01 » Thu 25 Aug 2011, 20:53:13

Fact is, who cares what this administration says about anything? Exxon has a huge find in
the gulf of mexico. Rather than downgrade the quantity of the discovery, they are just
going to steal it from them. Makes sense to me.

http://www.chron.com/business/steffy/ar ... 138230.php
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Re: U.S. to Slash Marcellus Shale Gas Estimate 80%

Unread postby Keith_McClary » Thu 25 Aug 2011, 22:44:18

peeker01 wrote:Speaking of 100 year forecasts.........remember the 10 years of oil we had left in 1973?
No.

Source, please.
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Re: U.S. to Slash Marcellus Shale Gas Estimate 80%

Unread postby kiwichick » Thu 25 Aug 2011, 23:14:04

gom find could be the largest since thunder horse

could be

isn't thunder horse already in decline
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Re: U.S. to Slash Marcellus Shale Gas Estimate 80%

Unread postby peeker01 » Thu 25 Aug 2011, 23:20:58

Keith_McClary wrote:
peeker01 wrote:Speaking of 100 year forecasts.........remember the 10 years of oil we had left in 1973?
No.

Source, please.


It happened. Find your own source.
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Re: U.S. to Slash Marcellus Shale Gas Estimate 80%

Unread postby MD » Fri 26 Aug 2011, 00:12:23

peeker01 wrote:
Keith_McClary wrote:
peeker01 wrote:Speaking of 100 year forecasts.........remember the 10 years of oil we had left in 1973?
No.

Source, please.


It happened. Find your own source.


From the baseless assertions file: No it didn't.

(Do try to stop wasting time with schoolyard BS)
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