An article in the U.K. newspaper the “Telegraph” is headlined, “Energy Crisis is Postponed as New Gas Rescues the World” written by Ambrose Evans-Pritchard.
Evans-Pritchard was reporting on the World Gas Conference which was held in Buenos Aires last week. According to the article,
Advances in technology for extracting gas from shale and methane beds have quickened dramatically, altering the global balance of energy faster than almost anybody expected.
Sound familiar? It should. It’s what T. Boone Pickens has been saying for the past 15 months since he launched the Pickens Plan in July, 2008. The CEO of BP Petroleum, Tony Hayward, told the conference,
“There has been a revolution in the gas fields of North America. Reserve estimates are rising sharply as technology unlocks unconventional resources.”
This is not just a North American phenomenon. According to the article, the UK and Norway are two countries which are pointing to new natural gas reserves.
Nevertheless, as Evans-Pritchard wrote:
The US is leading the charge. Operations in Pennsylvania and Texas have already been sufficient to cut US imports of liquefied natural gas (LGN) from Trinidad and Qatar to almost nil, with knock-on effects for the global gas market – and crude oil.
Two other items to note in the article are that Russia is “irked” by this news because
If the new forecasts are accurate, Gazprom is not going to be the perennial cash cow funding Russia’s great power resurgence.
And finally, Evans-Pritchard delivers a Boone-like prediction:
As for the US, we may soon be looking at an era when gas, wind and solar power, combined with a smarter grid and a switch to electric cars returns the country to near energy self-sufficiency.
To read the entire article in the U.K. Telegraph, click HERE
— The Pickens Team