Posted on 04/22/2019 7:51:56 AM PDT by SeekAndFind
U.S. natural gas production set an all-time world record last week despite prices hitting a new annual low and down 85 percent over the last 14 years.
After dominating world natural gas production for 50 years, American production peaked in 1972 at about 21.7 trillion cubic feet. As annual production slumped to about 18 trillion cubic feet for the next 33 years, prices rose from about $0.59 per thousand cubic feet (tcf) to a record high of $18.95 per tcf in September 2005.
But thanks to 80-year-old George Mitchell, who pioneered modern hydraulic fracking techniques in the suburbs of Fort Worth in the late 1990s, U.S. natural gas production hit 100 million cubic feet per day last week, or an annual rate of 3.7 trillion cubic feet. Through the magic of capitalism, prices plunged by $0.18 over the next four days to $2.56 per tcf on April 19.
U.S. natural gas proven recoverable reserves were last reported by the U.S. Energy Information Agency at a record 475 trillion cubic feet in 2017. With U.S. consumption of 28 trillion cubic feet a year, that works out to about a 17-year supply. But the EIA estimated in its "Annual Energy Outlook 2019" that the technically recoverable resources of natural gas were about 2,459 trillion cubic feet, or about an 88-year supply.
America's only serious competitors for natural gas production are Russia at about 25 trillion cubic feet (tcf); Iran at 7.6 tcf; Canada at 6.5 tcf and Qatar at 6.3 tcf.
Although U.S. fracking volumes drove natural gas prices down, it also driven wellhead drilling costs down by about 40 percent and doubled the production per well. It also has kicked off a "digital energy" revolution in down-hole seismic testing
(Excerpt) Read more at americanthinker.com ...
LOL 36.5 billion.
Well, we are producing trillions per year, so the new daily production record must be 100 Billion cubic feet per day then.
Where I live in Oregon, retailers just fill the tank. The price locally is $2.59/gallon. Twenty-two miles away, at the local dealers yard, the price is only $1.69/gallon.
They get all their propane trucked in from the western terminus of one of the major pipelines in Bend, Oregon. That is 120 miles away, over the Cascade Mtn passes.
No, their tanker truck has never had an accident, and blown up.
With all this increased production of natural gas, I think the global warming gasbags have to change their doomsday prediction from 12 years from now to maybe 10 or 9, or maybe even 8.
IOW....OMG!
Karl,
Do your hardware/lumber yards/landscape supply retailers not have propane to refill a 20# tank?
There are several here in NH within a 10 mile drive that sell a refill for between $14-16.
Your tank has to be replaced once every 10 years. I have two tanks, so I never run out in the middle of a BBQ with people over.
At 4.2 pounds per gallon that’s pretty cheap. I think I paid about $3 per gallon last time. It was about $14 for 18+ pounds.
Time to replace the oil burning furnace with one that burns natural gas.
Walmart last fall was $15.95 when I exchanged an empty tank for a full one.
That was down from 19.95, the previous year.
Aw, that’s nothing! My grandpa ...
They love higher propane prices as their sales tax take increases with each price increase.
You have to read what the guy wrote several times to figure it out... journos and editors are mostly incompetent with powers of ten and screw it up almost every time.
Agreed, the new daily production record must be 100b and not 100m or there would be no point to the article.
SMH!!! It’s morning and I took Easter weekend off. My brain won’t wake up until Wednesday. LOL
I need a damn natural gas vehicle !
gas is like five bucks a gallon out here in Krazy California
Yes! Drill Baby, Drill!
The big box hardware stores all sell refill tanks. One hardware store nearby refills tanks, but it seemed like half the time they didn't have a propane guy available.
I finally just ended up driving to a depot site that sits on the pipeline and whose main business is trucking it to people who have big tanks for heating. They are also the only ones I found to charge by pound for a partial fill rather than a flat rate based on tank size.
I realized after I posted what the difference is between NH and OH.
Here in NH we have very limited natural gas pipelines. The closest one to my house is about 3 miles away and stops at our high school. Therefore, most residential central heating systems are fueled by heating oil or propane. I have oil forced hot water and a pellet stove insert in a fireplace.
Many newer houses have the big underground propane tanks. If I was building new, I would go with propane. So, there are many propane delivery companies in the area. The rail track behind my office services a propane delivery company about 8 miles west of here. They bring tanker cars to them often in the winter.
So, the local hardware store, lumber yard, landscape all have approximately 2000# tanks to refill 20# grill tanks.
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