Energy crisis is postponed as new gas rescues the world
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. Engineers have performed their magic once again. The world is not going to run short of energy as soon as feared.
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. « There has been a revolution in the gas fields of North America. Reserve estimates are rising sharply as technology unlocks unconventional resources, » he said.
« The common wisdom was that unconventional gas was too difficult, too expensive and too demanding, » he said, according to Petroleum Economist. « This has changed. If we ever doubted that gas was the fuel of the future – in many ways there’s the answer. »