Day By Day

Monday, October 12, 2009

New gas?

The times announces that the "energy crisis is postponed". Again.

Peak oil weenies read it and weep!
Tony Hayward, BP's chief executive, said proven natural gas reserves around the world have risen to 1.2 trillion barrels of oil equivalent, enough for 60 years' supply – and rising fast.
"There has been a revolution in the gas fields of North America. Reserve estimates are rising sharply as technology unlocks unconventional resources," he said.
The US is leading the charge. Operations in Pennsylvania and Texas have already been sufficient to cut US imports of liquefied natural gas (LGN) from Trinidad and Qatar to almost nil, with knock-on effects for the global gas market – and crude oil. It is one reason why spot prices for some LNG deliveries have dropped to 50pc of pipeline contracts. 
When has the US NOT led the charge? If our LNG imports are dropping that's exceptional news.

Color me not so surprised. Too bad our government is about to declare a taxation jihad on the satanic gas CO2.

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