Continuing a trend that has sent ripples through global energy markets in recent years, U.S. oil and natural gas reserves hit new highs in 2013, according to a December 2014 Energy Information Administration report.
Proved natural gas reserves rose 9.7 percent to reach a record 354 trillion cubic feet (tcf) at the end of 2013, the Energy Information Administration (EIA) reported, while proved oil reserves increased 9.3 percent to 36.5 billion barrels.
For EIA, proved reserves are “estimated volumes of hydrocarbon resources that analysis of geologic and engineering data estimates with reasonable certainty are recoverable under existing economic and operating conditions.”
Impact of Marcellus Shale
Propelled by the twin technologies of hydraulic fracturing (fracking) and horizontal drilling, the United States has become the world’s largest producer of natural gas.
Driving the boom in domestic natural gas production is the Marcellus Shale formation, where, in 2013, estimates of gas...
New York made history on December 17th, 2014 as Gov. Andrew Cuomo announced the state would ban hydraulic fracturing, also known as “fracking,” becoming the first state with significant deposits of oil or natural gas to do so. The decision to ban hydraulic fracturing came after the release of a new report by the New York Department of Health (DOH) which states there is not enough evidence to prove hydraulic fracturing is safe.
Cuomo’s decision makes him the first major Democratic official in...
Pope Francis has decided to make fighting global warming an important papal cause in 2015. At the close of December 2014, the press was abuzz with news the pope plans to issue an encyclical to the world’s Catholic bishops concerning climate change.
The pontiff praised the UN’s climate treaty efforts in Lima, Peru and seems intent on encouraging the world’s 1.2 billion Catholics to take up the battle against climate change. The Pope reportedly plans to address the 2015 Paris UN climate...
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