America, let’s take an accounting of the latest instruments of facts that point to a fundamentally strong position in the United States for short- and long-term natural gas supply, as we debate our low-carbon energy future.
- The year-end 2008 Potential Gas Committee (PGC) report of estimated natural gas resources in the United States points to more than 1,836 trillion cubic feet of potential resource evaluated. It is the largest aggregate estimate presented by the PGC in 44 years.
- The Energy Information Administration just published their accounting for known reserves of natural gas, yesterday, October 30. The 245 Tcf reported is the largest volume ever identified by EIA, since they began keeping the reserves statistics in 1977. In addition, the volume of domestic gas production recorded in 2008 (20.5 Tcf), according to EIA, was the largest annual production number since 1974.
- Combining PGC Resources and EIA Reserves results in a volume of future supply of over 2,000 Tcf – 100 years or more of supply at current production levels.
- In the shorter-term, natural gas storage is at record levels and, in fact, the ability to store gas underground has grown, also.
These are not short-term phenomena. They are indications that natural gas is poised to serve a growing market of low-carbon fuel requirements.
America, this is the real deal.