Marcellus gas estimates continue to fall

[Champion Jack]

Another ponzi scheme?

The Energy Information Administration said the sharp downward revisions to its estimates were informed by more data. “Drilling in the Marcellus accelerated rapidly in 2010 and 2011, so that there is far more information available today than a year ago,” its report said. Jonathan Cogan, a spokesman for the agency, added that Pennsylvania had made far more data available than in previous years.

Under the agency’s new estimates, the Marcellus shale, which was previously thought to hold enough gas to meet the entire nation’s demand for 17 years at current consumption rates, contains instead a six-year supply. The report comes just five months after the United States Geological Survey released its own estimate of 84 trillion cubic feet for the Marcellus shale.

"Last summer, the New York attorney general and the Securities and Exchange Commission sent subpoenas to several companies to see whether they were accurately portraying the amount of recoverable gas to investors. The offices declined to comment about the subpoenas."




http://www.nytimes.com/2012/01/29/us/new-data-not-so-sunny-on-us-natural-gas-supply.html?_r=3&pagewanted=all

[Arctic Dave]

1. Downward, like the jobs it was to create.

Rule #1
Never play cards with a guy named Doc.

Rule #2
Never, ever trust an oil corporation.