09 Aug '11, 2pm

US Fracking Industry Reserves Overstated By At Least 100%: Report : TreeHugger via @TreeHugger

US Fracking Industry Reserves Overstated By At Least 100%: Report : TreeHugger via @TreeHugger

The marketing of the shale gas phenomenon has been so effective that important policy and strategic decisions are being made based on yes unproven assumptions about the abundance and low cost of these plays. The "Pickens Plan" seeks to get Congressional approval for natural gas subsidies that might eventually lead to conversion of large parts of our vehicle fleet to run on natural gas. Similarly, companies have gotten permits from the government to transform liquefied natural gas import terminals into export facilities that would commit the U.S. to decades of large, fixed export volumes. This might commit the U.S. to decades of natural gas exports at fixed prices in the face of scarcity and increasing prices in the domestic market. If reserves are less and cost is more than many assume, these could be disastrous decisions.

Full article: http://www.treehugger.com/files/2011/08/fracking-industry...

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