US Slashes Marcellus Shale Estimate by 80 Percent!

The U.S. will slash Marcellus Shale reserves from 84 trillion cubic feet of natural gas from the earlier estimates of 410 trillion, according to Bloomberg.

Geologists from the U.S. Geological Survey provided the new number, which supersedes estimates from the Energy Information Administration.

The EIA does not contest the new number: "They’re geologists, we’re not. We’re going to be taking this number and using it in our model,” an EIA analyst told Bloomberg.

The Marcellus Formation, which spans from New York to Kentucky, was America's greatest hope for natural gas.

An April estimate from the EIA increased Marcellus reserves by a multiple of 42 based on new technology and information. As part of this estimate, the EIA said America had enough recoverable natural gas to heat homes and run power stations for 110 years

Read more: http://www.businessinsider.com/wow-us-slashes-marcellus-shale-gas-estimate-by-80-2011-8#ixzz1Vy6YBBgM