Saturday, August 04, 2012

Guest Article: Proven Gas Reserves Skyrocket!

The following article is reprinted from, original text from John Hanger Facts of the Day

The proved gas reserves in the US are 50% higher in 2010 than 30 years ago during which time the country consumed more than double the amount of the 1980 proved gas reserve number. That's the complete opposite of every energy prediction ever made. How could that be?

In a continuing effort to drive a stake through the crazy conspiracy popularized by the NYT that the natural gas boom is a Ponzi scheme, I direct your attention to hot off the presses EIA data for what it calls "proved gas reserves," the most conservative or smallest category of reserve classifications.

In 2010, the most recent year for which data is available, EIA's proved gas reserves jumped the most it has in 35 years, more than 11%. While the 2010 rise was especially big, it was not a fluke. EIA's estimates of proved gas reserves have increased for 12 straight years.

Most impressively, proved gas reserves in 2010 were up 50% compared to the 2005 number or the 1980 number. That's right our proved gas reserves are 50% higher in 2010 than 30 years ago, despite using a lot of gas during that 30 year period.

graphs of proved reserves and changes in proved reserves for oil and natural gas, as described in the article text

Indeed, during the last 30 years, the country consumed more than double the amount of our 1980 proved gas reserve number. How could that be?

Exploration and production activities are never ending. They keep filling the US natural gas cup that has never emptied and is now overflowing.

So proved reserves have gone up for 12 straight years, increased during 2010 by the highest amount in 35 years, and are 50% higher than in 2005 or 1980. Other than in the conspiratorial, demagogic mind, just exactly where's the notorious gas Ponzi Scheme featured by the NYT?

John Hanger's Facts of the Day, 3 August 2012

Above article published in

Nations from China to South Korea to Israel to Poland to Argentina to Australia are scrambling to develop their impressive shale gas resources. Once this very significant quantity of new natural gas hits the global markets, traditional gas producers from Qatar to Russia will feel the impact.

And for the near to intermediate future, expect global gas reserves to continue to shoot upward.



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