A major article in the Wall Street Journal echoes what T. Boone Pickens has been saying for nearly a year: There is enough natural gas under the continental United States to serve all of our needs for upwards of 100 years.

The piece is headlined: “U.S. Gas Fields Go From Bust to Boom” and is written by reporter Ben Cassleman who follows oil and gas issues for the Journal.

He writes about the Haynesville Shale Field under Louisiana which

could hold some 200 trillion cubic feet of natural gas. That’s the equivalent of 33 billion barrels of oil, or 18 years’ worth of current U.S. oil production. Some industry executives think the field could be several times that size.

Casslelman writes what Boone has been saying in Town Halls, on TV, radio and newspaper interviews:

Huge new fields also have been found in Texas, Arkansas and Pennsylvania. One industry-backed study estimates the U.S. has more than 2,200 trillion cubic feet of gas waiting to be pumped, enough to satisfy nearly 100 years of current U.S. natural-gas demand.

The discoveries have spurred energy experts and policy makers to start looking to natural gas in their pursuit of a wide range of goals: easing the impact of energy-price spikes, reducing dependence on foreign oil, lowering “greenhouse gas” emissions and speeding the transition to renewable fuels.

We know that, in spite of the recession, we are still importing nearly two-thirds of the oil we use. The Journal story confirms,

The U.S. is increasingly reliant on supplies imported from the Middle East and other politically unstable regions. In contrast, 98% of the natural gas consumed in the U.S. is produced in North America.

Casselman points out that new drilling technologies, first developed for the Barnet Shale deposit in Texas, have led to the new estimates of vast natural gas reserves in the United States.
The article takes particular note of Boone’s work with the Pickens Plan

The growing supply created opportunities for policy makers and environmentalists, who saw natural gas as a possible solution to the nation’s energy problems. Some groups suggested burning more gas and less coal for power generation. Others favor its use in vehicles.

Mr. Pickens has spent millions promoting an energy plan that aims to, among other things, convert thousands of big-rig trucks to run on natural gas. Mr. Pickens has large investments in natural gas and stands to benefit if his plan is adopted. In TV ads, Internet videos and speeches, he emphasizes a different goal: reducing U.S. dependence on foreign oil.

The dual message of energy security and environmental responsibility has helped Mr. Pickens win powerful allies, including Senate Majority Leader Harry Reid, House Speaker Nancy Pelosi and dozens of elected officials from both parties. A bipartisan bill providing tax incentives for natural-gas cars looks likely to pass this year.

To read the entire article, click HERE.

– The Pickens Team

This entry was posted on Thursday, April 30th, 2009 at 8:08 am by Rich in In the News, Pickens Plan.
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