American Gas - April 2011 - (Page 22)

Then There was abundance For 30 years, natural gas supply struggled to keep pace with demand, often resulting in shortages and volatile prices. Today, new sources and technologies have resulted in abundant supply and moderate, stable prices. By chris mcGill and Bruce G. Kauffmann W hat a difference three years can make. In July 2008 the wellhead price of natural gas was $11.32 per thousand cubic feet (Mcf). Natural gas customers were screaming, politicians were fulminating and the natural gas industry was preparing for a cold, hard 2008–2009 winter heating season. Then again, while the natural gas supply picture in the first half of 2008 was particularly grim, for the past 30 years messaging around natural gas supply has often been negative, reflecting supply shortages and volatile prices. As a result, the most optimistic scenario for natural gas was as a bridge fuel to a renewable energy future. The thought that natural gas was a long-term solution to our energy needs was considered irrational. Today, that view has changed dramatically. Natural gas is abundant in North America. It is found in conventional and unconventional oil and gas reservoirs. It is found onshore and offshore. Gas wells can be remote or drilled next to a farmer’s barn. They can be horizontal, directional or vertical wellbores. In short, they come in all shapes and sizes, and it is this diversity that has made the United States the largest natural gas–producing country in the world, recently surpassing the Russian Federation. The domestic abundance of natural gas is currently being assessed and defined by groups like the Potential Gas Committee (PGC). The numbers are large—100 years of 22 april 2011 AmericAn GAs

Table of Contents for the Digital Edition of American Gas - April 2011

American Gas - April 2011
Contents
President’s Message Safety Is Job One
In the Know Gas Quality: When Science and Policy Intersect
In the News
Safety First Partnering for Progress
The New Realities of the Natural Gas Industry: From Wellhead to Customer
Part I: Then There Was Abundance
Part II: through the Pipeline
Part III: Priority Pathways for Growth
Going for the Green
Places to Be
Noteworthies
Advertisers’ Index
Jobline
Marketplace
Facts on Gas

American Gas - April 2011

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