As reported by Bloomberg News today, Marcellus Shale reserves have been slashed by 80%.
Shale reserve estimate slashed
By Bloomberg News
Wednesday, August 24, 2011
The United States will slash its estimate of undiscovered Marcellus shale natural gas by nearly 80 percent after an updated assessment by government geologists.
Typically, industry is spinning the numbers to make it appear otherwise.
EARTHblog helps with the vertigo from all the spin.
About Sharon Wilson
Sharon Wilson is considered a leading citizen expert on the impacts of shale oil and gas extraction. She is the go-to person whether it’s top EPA officials from D.C., national and international news networks, or residents facing the shock of eminent domain and the devastating environmental effects of natural gas development in their backyards.
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The Wall Street Journal had an article yesterday about the Securities and Exchange Commission probing O&G over chemical disclosure. Apparently they are asking for confidential disclosure to the SEC in order to determine the risk involved. After they examine the disclosure chemicals list they will pass on some of that list to us regular folks. I’m surprised the SEC isn’t looking into the ponzi scheme aspects of fracking as well…
I can hear the fracker’s defense against mineral rights sellers suing them for misrepresentation now:”Well, we fired our guy that you sold your mineral rights to, for his exaggerating the amount of gas there was, but it’s not our fault you will get no more royalty checks, there no more gas”.