Environmental Watchdog Says Short-Term Natural Gas 'Outlook' Means New York State Shouldn't Rush to Drill
Posted by CITIZEN POWER ALLIANCE at 8:13 AMU.S. Energy Information Administration Forecast Shows Abundant Natural Gas Supply & Continued Low Prices
Analysts at Environmental Advocates of New York today point to recent forecasts by the U.S. Energy Information Administration (EIA) as further evidence that state leaders and agencies need not rush to begin permitting new natural gas drilling in New York State.
Released yesterday, EIA's Short-Term Energy Outlook (Outlook) shows that abundant natural gas inventories are holding down gas prices. Click here for the Outlook.
Per the Outlook, the usual uptick in natural gas prices during cold weather months was tempered by the high volume of working natural gas in storage. In February 2003, estimated natural gas reserves stood at 851 billion cubic feet compared to 1,729 billion cubic feet at the end of February 2010, a more than 100 percent increase. The amount of working natural gas in storage was above even the previous five-year average of 21 billion cubic feet.
(Click to read the entire article)