The U.S. Natural-Gas Boom Will Transform The World
The Wall Street Journal
August 15, 2012
Op-ed by: John Deutch, member of the Belfer Center Board of Directors and International Council
Topic: U.S. natural gas production
“Two summers ago, natural gas cost $4.50 per thousand cubic feet, which was less than half what it had cost two summers earlier. Today the price is under $2.50, as unconventional natural gas production has increased to 20% of domestic supply from 5% in 2008, with 40% anticipated by 2020.
Meanwhile, North Dakota’s Bakken/Three Rivers field produces 600,000 barrels a day of unconventional oil — up from 250,000 barrels in 2010 and less than half that in 2008 — making that state the second-largest U.S. oil producer. With such changes happening so fast, it’s timely to consider their implications.”