Michele Kearney's Nuclear Wire

Major Energy and Environmental News and Commentary affecting the Nuclear Industry.

Tuesday, May 8, 2012

Abundance of Methane Hydrates will Destroy the Oil Market

Abundance of Methane Hydrates will Destroy the Oil Market

U.S. Department of Energy (DOE) Secretary Steven Chu contributed a statement to an announced breakthrough in research into tapping the vast fuel resource of methane hydrates that could eventually bolster already massive U.S. natural gas reserves.As Al Fin pointed out yesterday natural gas is priced to a barrel of oil equivalent at about $10-$11 per the estimable Geoffrey Styles view, something less than 10% of the cost of oil.  For North Americans adding a viable and hopefully low cost means to make use of gas hydrates could be giant boost…Read more...

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