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Energy crisis is postponed as new gas rescues the world

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posted on Oct, 12 2009 @ 08:01 AM
"Engineers have performed their magic once again. The world is not going to run short of energy as soon as feared. "

If the most pressing goal, environmentally, is to reduce GHGs as much and as quickly as possible, why not employ reduced-emissions technology at hand, rather than pour money into untested and unproven "carbon capture" schemes?

Converting from coal and oil to natural gas serves two immediate purposes:

    diminshed reliance upon foreign crude,
    development of domestic resources that are the cheapest, least polluting and most abundant of all fossil fuels.

America is not going to bleed its wealth importing fuel. Russia's grip on Europe's gas will weaken. Improvident Britain may avoid paralysing blackouts by mid-decade after all. ... 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.

Tony Hayward, BP's chief executive, said proven natural gas reserves around the world have risen to 1.2 trillion barrels of oil equivalent, enough for 60 years' supply – and rising fast. "There has been a revolution in the gas fields of North America. Reserve estimates are rising sharply as technology unlocks unconventional resources," he said.

Rune Bjornson from Norway's StatoilHydro said exploitable reserves are much greater than supposed just three years ago and may meet global gas needs for generations. "The common wisdom was that unconventional gas was too difficult, too expensive and too demanding," he said, according to Petroleum Economist. "This has changed. If we ever doubted that gas was the fuel of the future – in many ways there's the answer."

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. It is one reason why spot prices for some LNG deliveries have dropped to 50pc of pipeline contracts.

Are the world's leaders serious about ending reliance on crude oil?

Are they and their corporate benefactors serious about taking tangible and economically sensible steps to cleaner fuels and lower costs of production?

Are they serious about improving the environment, or most concerned with enriching the few who lead the AGW parade?

Just curious.


[edit on 12-10-2009 by jdub297]


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