Cathy Landry | 202-682-8122 | landryc@api.org
WASHINGTON, June 18, 2009 - The American Petroleum Institute issued the following statement on the report released by the Potential Gas Committee, a nonprofit group that provides analyses of US natural gas resources, showing a 35 percent jump in domestic gas estimates. The report estimated the U.S. resource base at 1,836 trillion cubic feet (Tcf) worth of likely and potential resources, the highest in the group's 44-year history and a sharp increase from its previous estimate of 1,321 Tcf.
“The report, which cites shale-gas formations as the major reason for the uptick in resources, underscores the vital role of hydraulic fracturing, a production technology needed to develop shale gas. Without hydraulic fracturing, these crucial American-owned natural gas resources would likely remain in the ground.
Allowing additional access to now-closed federal lands and offshore federal waters could contribute trillions in government revenue, create new jobs for Americans, help to address the global climate challenge and increase U.S. energy security.”
Updated: June 18, 2009