The USGS came out with a report this week which takes down the industry estimate of more than 400 trillion cubic feet of gas trapped in the Marcellus Shale to something closer to…. 84.
The article from the New York Times reads:
“As a result, the Energy Information Administration, which is responsible for quantifying oil and gas supplies, has said it will slash its official estimate for the Marcellus Shale by nearly 80 percent, a move that is likely to generate new questions about how the agency calculates its estimates and why it was so far off in its projections.”
Indeed we will question that estimate, which always seemed to be far too good to be true. This will certainly change how the mitigation game is played, especially since New Yorkers have already been hesitant to allow the practice of hydrofracking, the controversial method of extracting natural gas from the rock used in 90 percent of wells.