The government scaled back their estimates of volume reserves in the Marcellus Shale. Anyone who has ever read geologist reports knows they need to be taken with a grain of salt. Proven, probable and then economically exploitable are difficult issues.
The environmentalists without regard to energy self-sufficiency concerns have cranked up the bogey man of “Fracking”. Many claims about unsafe and environmentally unsound techniques. It’s all been a war of “J’accuse” in the mean time valuable US currency flows off shore and ends up financing terrorism and anti-western sentiment.
The environmentalists were winning the propaganda war. Obama who somehow understands you have to drill needed to trick his own side. so just tone down the rhetoric and pretend the Marcellus Shale is not as important. Therefore the controversy over the Marcellus Shale is also not important. Therefore the environmentalists call off some of their attack dogs. Then the drillers sneak back in and help America become energy self-sufficient.
Drillers will create jobs and tax revenues. Pentagon costs will go down as energy self sufficiency goes up.
I just wonder if Obama is that brilliant. Something to think about.
Disclosure: George Gutowski writes from a caveat emptor perspective. I believe that leaders sometimes need to trick their followers. I have no positions in any stocks or commodities mentioned in this post. I have no plans to initiate new positions within the next 72 hours. I do heat my home with Natural Gas.
- Marcellus Shale Gas Estimates Cut 80 Percent (reason.com)
- Marcellus Shale Gas Estimate Falls (CHK, RRC, COG, GDP) (thenewspundit.com)
- U.S. Geologists Sharply Cut Estimate Of Shale Gas – NYTimes.com (unitedforaction.org)
- Government dramatically reduces estimate for natural gas in Marcellus Shale (americablog.com)
- USGS boosts amount of Marcellus Shale gas reserves (sfgate.com)
- U.S. Geologists Sharply Cut Estimate Of Shale Gas (nytimes.com)