Dr. Rizzo on Fracking, Gas, and Coal

A good read.

The Unbroken Window: "For example, in 1978 Congress, concerned about impending shortages of natural gas, passed the Powerplant and Industrial Fuel Use Act. This prohibited the use of natural gas for power generation and industrial use. As a result, capital investment shifted towards a new generation of coal-fired power plants. If all the coal-fired electric generating capacity added during the last thirty years had been fueled by natural gas, U.S. carbon dioxide emissions would have been about 20 percent lower. This act was repealed in 1987."

The Gas Revolution - The Weekly Standard: "Amazingly, an era of energy abundance is upon us, unless politicians and environmentalists get their way. ... Now, within an astonishingly short time, the entire picture has changed. In mid-December the Energy Information Administration released new estimates of U.S. natural gas showing proved reserves at their highest level since 1967, up 33 percent in the last three years and 62 percent over the last 10 years. Natural gas production in the United States in 2009 (21.6 trillion cubic feet) was the highest since 1973, even though demand was down on account of the recession. The Department of Energy now predicts gas reserves will grow by at least another 20 percent over the next decade, though a number of energy forecasters think reserves will grow by much more, securing a 100-year supply for our needs. Even as oil and gasoline prices rise again to uncomfortable levels, the price of natural gas has declined 80 percent from its mid-recession level in the summer of 2008, to about $4 per thousand cubic feet, and it is likely to stay at this level or perhaps fall further. Although price volatility may not be a thing of the past, it is unlikely we’ll see spikes to $14 again for a very, very long time."