Energy Crisis Is Postponed As New Gas Rescues The World

by Liam Halligan - October 11th, 2009 - London Telegraph

America is not going to bleed its wealth importing fuel. Russia's grip on Europe's gas will weaken. Improvident Britain may avoid paralysing blackouts by mid-decade after all.

The World Gas Conference in Buenos Aires last week was one of those events that shatter assumptions. Advances in technology for extracting gas from shale and methane beds have quickened dramatically, altering the global balance of energy faster than almost anybody expected.

Tony Hayward, BP's chief executive, said proven natural gas reserves around the world have risen to 1.2 trillion barrels of oil equivalent, enough for 60 years' supply – and rising fast.

What is bizarre is that once again it is American and British technology that is solving our energy problems, not the green energy so beloved of Obama and his acolytes. The solution is one that the environmentalists are outraged over. Though they have difficulty in arguing against technology that reduces pressure to drill offshore, they still absolutely HATE the idea that LNG will replace their beloved wind mills.