New Report Finds Trillions of Reasons to Expand Natural Gas Production
According to a new report recently released by the American Gas Association and the Potential Gas Committee (PGC), the U.S. has an expanding future supply of natural gas of proportions not previously realized. From Colorado to Pennsylvania and back to Texas – and from conventional to shale to coalbed gas – the nation’s technically recoverable natural gas reserves reached 2,515 trillion cubic feet (Tcf) by the end of last year, a 5.5 percent increase since the end of 2012.
This report exceeds the previous high assessment (from 2012) by 131 Tcf. According to Dr. John B. Curtis, Director of the Potential Gas Agency, “Assessments of the Potential Gas Committee represent our best understanding of the geological endowment of the technically recoverable natural gas resource of the United States.”
From the PGC press release:
“When the PGC’s assessments of technically recoverable resources are combined with the U.S. Department of Energy’s latest available determination of proved reserves, 338 Tcf (dry gas) as of year-end 2013, the United States has a total available Future Supply of 2,853 Tcf, an increase of 161 Tcf over the previous evaluation. While the PGC reports these assessments of potential resources and future supply summarily on the national level, the Committee believes that the individual province-level assessment results offer the greatest value for purposes of analysis, planning and exploration.”
Additionally, PGC’s total assessed shale gas resource of 1,253 Tcf for 2014 accounts for approximately 61 percent of the country’s total traditional potential resources.
Stable supplies of affordable, domestically-produced natural gas have undoubtedly been an economic boost for the entire country. This report serves as a reminder that we have the ability – within our grasp – to further leverage our own energy reserves to create even more good-paying jobs and grow the economy.