24 Feb '12, 11am

Blaming #gasprices on politics makes no sense. Read These Pump Price Truths: #susty

Blaming #gasprices on politics makes no sense. Read These Pump Price Truths: #susty

What has changed in the oil & gas industry’s pursuit of oil is oil’s higher price. At today’s price we are seeing an explosion in hydraulic fracking drilling for gas (and the refining of Canadian oil sands). Fracking is not a new technology though there have been, and continue to be, technology improvements. What is new is the higher price of oil that makes this technology economically attractive for finding more oil and natural gas. Proof of point is the current $2.50-2.75 price range per MMBTU for natural gas that is 50 percent lower than just a couple of years ago. This lower price was realized by the increased commercial use of hydraulic fracking that has generated such an abundance of supply that natural gas suppliers are now curtailing production to support natural gas prices from falling further. Why oil is not seeing a similar price decline, is because the world de...

Full article: http://www.triplepundit.com/2012/02/pump-price-truths/

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