As oil rises... Record U.S. Natural-Gas Output continues

[Soral]

This is a screencap from just a few minutes ago...



NEW YORK—The U.S. is inundated in natural gas, and the glut may not ease any time soon.

Domestic production last year hit its highest level in almost 40 years, and 2011 will likely see another year of strong production. That means another year of subdued electricity prices and pressure on drillers' bottom lines as well as a powerful incentive for companies and other consumers to switch to the heating fuel.

Production of natural gas in the U.S. grew for a fifth consecutive year in 2010, and was the highest since 1973, the Energy Information Administration said Monday. Rising output from newly profitable shale-rock formations across the U.S. has surpassed many industry observers' expectations, and the U.S. produced 21.57 trillion cubic feet of consumer-grade natural gas during the year, just short of the 1973 record of 21.73 tcf.

With no way to export large quantities of gas and a drilling boom fueled by easy availability of credit and widespread international interest in U.S. gas assets, the glut is seen continuing through 2011.
http://online.wsj.com/article/SB10001424052748704506004576174600947333970.html

[NickB79]

1. It's due to record ground fracking rates, which subsequently destroy groundwater supplies

Watch the documentary "Gasland" to see the results of this "boon" to US energy supplies. With cheap nat. gas comes environmental destruction, as usual.

[Ameriva]

2. Nat Gas 90% Cleaner 90% Cheaper

We are in the silly shape of importing dirty crude supporting dictators and bankrupting people at the pump when we could burn domestic nat gas that is 90% cleaner 90% cheaper

Can I fill up my car for $5? Yes with Natural gas.