USGS boosts estimate of worldwide nat gas reserves
The report estimates the world has yet to find 565 billion barrels of conventional oil, 5,606 trillion cubic feet of conventional natural gas and 167 billion barrels of natural gas liquids, excluding the United States, where USGS has studied more deeply using similar methods.
"What we're seeing is more gas vs. oil," said USGS Director Marcia McNutt in a conference call. "That's telling us something about how plentiful gas is likely to be in the future compared to oil, and we might want to take that into account in our future energy mix."
Such studies are "of huge strategic value to U.S. energy security," according to Secretary of the Interior Ken Salazar and "can help us to responsively understand the energy future of our country."
While the announcement may come as mixed news to the world in general, Wyoming Pipeline Authority Executive Director Brian Jeffries said to take it with a grain of salt.
"I would not expect this to move the market at all," he said.
This is especially true since Jeffries said he should have seen the end of reserves during his time in the industry.
"When I started in the industry in 1979, the reserves in the (United States) were something like five years," he said. "Clearly we did not run out."
Instead, Jeffries said, undiscovered reserves can be looked at as a statistically driven "rolling number," something to help policy makers in the near term to not worry so much about the end of concrete reserves.
"All you know isn't all you're ever going to know," he said.
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