Drumbeat: May 2, 2012
Energy-producing states are bracing for lower tax revenue from the plummeting price of natural gas, which is just above half of what some states forecast when they put together budgets for 2013 and beyond.
Production of natural gas is up nationally largely because of the spread of hydraulic fracturing, a drilling practice that allows tapping of deposits formerly out of reach. A warm winter cut demand, driving the price below $2 per thousand cubic feet in April.
While ample evidence exists to effectively debunk the peak oil theories, locating and extracting reserves that are more than capable of meeting future demand remains a primary challenge going forward, a diverse panel of national and international... [via The Oil Drum]