Natural Gas: Boom or Bust? All Signs Point to Boom

Nicolas Loris /

According to many experts, the United States stands to be the Saudi Arabia of natural gas production. Last month, the New York Times reported otherwise, questioning the economics of shale gas extraction and overstating the amount of gas available in the vast formation in the United States.

The story included links to hundreds of e-mails from some independent energy executives and state geologists calling shale gas a Ponzi scheme and inducing fears of another Enron-like scandal or a subprime mortgage crisis. Yesterday, the Energy Information Administration’s Howard Gruenspecht testified Tuesday before the Senate Energy and Natural Resources Committee defending the federal government’s estimates. Gruenspecht said: (more…)