More Good News About the Shale Gas Revolution

Great post from Mark Perry of "Carpe Diem."

"From the James A. Baker III Institute for Public Policy at Rice University:

"The past decade has yielded substantial change in the natural gas industry. Specifically, there has been rapid development of technology allowing the recovery of natural gas from shale formations. The Baker Institute study "Shale Gas and U.S. National Security," sponsored by the Department of Energy, investigates the role that U.S. shale gas will play in global energy markets as global primary energy use shifts increasingly to natural gas.

Specifically, the study concludes that shale gas will diminish the petro-power of major natural gas producers in the Middle East, Russia and Venezuela, and it will be a major factor limiting global dependence on natural gas supplies from the same unstable regions that are currently uncertain sources of the global supply of oil. In addition, the timely development of U.S. shale gas resources will limit the need for the United States to import liquefied natural gas for at least two decades, thereby reducing negative energy-related stress on the U.S. trade deficit and economy."

From the press release:

"The Baker Institute study dismisses the notion, recently debated in the U.S. media, that the shale gas revolution is a transitory occurrence. The study projects that U.S. shale production will more than quadruple by 2040 from 2010 levels of more than 10 billion cubic feet per day, reaching more than 50 percent of total U.S. natural gas production by the 2030s.""