Beating the drum for natural gas – again!

What will the United States do with it’s newfound wealth in natural gas. This wealth, combined with bio-fuels that are coming on line, makes energy independence a real possibility. And yet, the media focus seems to be on renewable energy which would effect electricity (raising the rates considerably by the way) and not transportation which is at the crux of the independence.

CADDO PARISH, La. — A massive natural-gas discovery here in northern Louisiana heralds a big shift in the nation’s energy landscape. After an era of declining production, the U.S. is now swimming in natural gas.

Even conservative estimates suggest the Louisiana discovery — known as the Haynesville Shale, for the dense rock formation that contains the gas — 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. …

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.

This graph shows the percentage increase in U.S. production. There is every indication that it will continue to increase. Reserves would show an even greater percentage increase!

                       P1-AP716B_NATGA_NS_20090429185643

For the complete story read here:http://online.wsj.com/article/SB124104549891270585.html

See also:http://caps.fool.com/blogs/viewpost.aspx?bpid=189090&t=02007495882059315953

And:http://www.newsweek.com/id/195689

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