Currently, natural gas provides 22 percent of America’s energy demand. The Marcellus Shale, in the eastern United States, has caught the eyes of the natural gas industry when this once considered insignificant source may have turned out to be a treasure chest bursting at the seams. With new estimates at 500 trillion cubic feet (10% recoverable), the natural gas reserves of the Marcellus Shale alone are enough to meet American demands for two years.
It’s been fifty-six days since an explosion shook the Deepwater Horizon oil rig operated by British Petroleum Plc. Current estimates show an additional 1.7 million gallons of oil are contaminating the Gulf of Mexico every day. With only minimal success in slowing the leak, we still do not have a definitive answer for the exact volume of oil that is creating an oil slick so large that it can be seen from space. In some ways, this could be considered the largest man-made feature ever created.
Last week, the Deepwater Horizon oil rig, operated by BP, sank to the bottom of the Gulf of Mexico after an explosion which subsequently released a massive amount of oil into the Gulf’s waters threatening not only sea life, but tourism and industry for at least four states.
While the Obama administration is pushing renewable energy sources, a conference in Houston calls together oil, gas, and electric companies to discuss how effective renewable resources actually are. According to the the reigning energy champions, solar and wind power are no match.