Thanks to new technology that has allowed producers to drill for gas in shale rock, the Potential Gas Committee in Golden, Colo., said that the country's estimated reserves are 35 percent higher than just two years ago and have reached the highest level since the group started tracking the information 44 years ago.
The committee, a volunteer group backed by natural gas producers and utilities, estimated the country's total natural gas resources at 2,074 trillion cubic feet, an increase of 542 trillion cubic feet from its last report.
The figure includes 238 trillion cubic feet of proven gas reserves as established by
the Department of Energy and 1,836 trillion cubic feet of reserves it labeled as probable, possible, and speculative.
The report is similar to a study prepared last summer for the natural gas-backed American Clean Skies Foundation that found the country had 2,247 trillion cubic feet of natural gas reserves -- a 118-year supply at 2007 production levels. The U.S. consumes about 22 trillion cubic feet of gas per year, almost all of it produced in the U.S.
Remember, shale gas is in its infancy. Expect more news of reserve jumps in the future. Hmmm... looks like the US gas shortages the peaktard community has been warning about will be put off for a long, long time.