“Do we have enough gas?” This question asked by former Federal Reserve Chairman Alan Greenspan in 2003 had prompted him to declare that the US did not have enough natural gas and would be necessary to import liquid natural gas (LNG) to fill the gap of US gas consumption. Many energy companies reacted and started many LNG importing projects to the US, claiming that LNG will provide 20% of US gas supply by 2020. However, the recent commercial viability of tight gas and shale gas in Fayetteville, Haynesville, and Marcellus is turning the waves. On top of an attainable supplement to US energy security, these new resource developments are an economic bonanza to Northern Louisiana, New York, Pennsylvania, and West Virginia.
The advancements in hydraulic fracturing, micro-seismic and many other supporting technologies have made this abundant and long identified gas resource available. This US home grown technology application also provides a security solution to many energy importing countries like Western Europe, China and India where similar gas resources are available. Recently, many national oil companies have signed on to take part in various US tight gas and shale gas projects. This study is to look at the economic, logistic, environmental impacts and the competitive advantages of this unconventional gas resource in comparison with LNG and coal in the local and global markets.
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