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US releases estimate of Utica Shale reserves

WSJ -- Drilling companies beginning to explore the Utica Shale got a piece of good news Friday when the U.S. Geological Survey estimated the rock formation in Ohio, Pennsylvania and other states holds enormous reserves of natural gas and oil.

Releasing its first estimate of the Utica, the USGS calculated the shale formation holds about 38 trillion cubic feet of undiscovered, recoverable natural gas, 940 million barrels of oil and 9 million barrels of natural gas liquids like ethane and propane.

The Utica lies beneath the Marcellus Shale, where energy firms have drilled thousands of unconventional gas wells in Pennsylvania in recent years. The Marcellus is considered to be one of the richest natural gas reserves in the world.

Drillers are just beginning to tap into the deeper Utica. A report th

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Submitted Oct 06, 2012 By: skb69sa

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honda0105 Champion Author Tallahassee Posts:18,580 Points:1,605,520 Joined:Nov 2008	Message Posted: Oct 12, 2012 5:44:51 AM Ignore honda0105 Report Abuse not holding my breath.
DanMtz Champion Author Oakland Posts:3,335 Points:1,239,425 Joined:Oct 2009	Message Posted: Oct 8, 2012 11:59:39 AM Ignore DanMtz Report Abuse Everywhere you look, there's oil.
remay Champion Author Houston Posts:6,948 Points:2,113,615 Joined:May 2006	Message Posted: Oct 8, 2012 6:51:03 AM Ignore remay Report Abuse Just how bad does the US want it?
MAC48 Champion Author Dallas Posts:1,546 Points:763,220 Joined:Dec 2006	Message Posted: Oct 7, 2012 2:47:52 PM Ignore MAC48 Report Abuse It would seem prudent for the voters in the states where the new shale gas and shale crude oil reserves have been or will be placed into production as a result of the new drilling and recovery technologies required the state, counties and cities that have or will levy production, a.k.a severance, taxes on this new oil and gas production put 75% of the new tax revenue windfall annually into state, county and city investment funds. The voters should mandate that this investment fund be invested in conservative options and only let the state, county or city have ½ of the annual earnings from these funds for the prior calendar year as disposable revenue for state, county or city needs. This approach would set up permanent income streams for all of the applicable governmental jurisdictions involved and provide, by reinvesting the other half of the prior year annual earnings from these investment funds, a permanent hedge against inflation reducing the true economic value of the cumulative invested funds. IF the voters do not force the politicians in the states where the current or future tax windfall is or will occur from the recent and future discoveries and production from the Barnett, Eagle Ford, Marcellus, Utica Shales and any future shale reserves to come, the politicians will spend 100% of the revenues currently in total disregard of providing for the future needs of their jurisdictions and citizens.
andy1024 Champion Author Allentown Posts:1,682 Points:444,250 Joined:Dec 2011	Message Posted: Oct 6, 2012 11:20:57 PM Ignore andy1024 Report Abuse Good news indeed.
PathfinderSC Champion Author South Carolina Posts:9,501 Points:1,827,715 Joined:Mar 2008	Message Posted: Oct 6, 2012 8:05:49 PM Ignore PathfinderSC Report Abuse Only time will tell.
ktbaeohana Champion Author Las Vegas Posts:2,296 Points:420,700 Joined:Mar 2010	Message Posted: Oct 6, 2012 7:07:45 PM Ignore ktbaeohana Report Abuse watch and see.
northeast2 Champion Author New York Posts:3,849 Points:1,007,200 Joined:Mar 2008	Message Posted: Oct 6, 2012 4:07:37 PM Ignore northeast2 Report Abuse It's UNDERNEATH the Marcellus Shale formation. Not going to be easy or cheap to extract.
ss70 Champion Author Detroit Posts:9,630 Points:1,866,100 Joined:Sep 2005	Message Posted: Oct 6, 2012 12:55:15 PM Ignore ss70 Report Abuse Time for cheaper gas and oil in USA
skempton Champion Author Vermont Posts:1,124 Points:835,160 Joined:Apr 2010	Message Posted: Oct 6, 2012 8:09:59 AM Ignore skempton Report Abuse Only recoverable if fracking is permitted.
SkooterG Champion Author Phoenix Posts:1,359 Points:327,085 Joined:May 2012	Message Posted: Oct 6, 2012 7:54:38 AM Ignore SkooterG Report Abuse Good news.
stpetebp Champion Author Tampa Posts:6,201 Points:1,728,580 Joined:Nov 2007	Message Posted: Oct 6, 2012 7:00:07 AM Ignore stpetebp Report Abuse Good news, drill it and keep it here. We need to be 100% independent on foreign oil. Take care of America first... Elections are right around the corner
jppezz Champion Author New Mexico Posts:8,571 Points:1,688,560 Joined:Jun 2008	Message Posted: Oct 6, 2012 6:54:01 AM Ignore jppezz Report Abuse Now if we get rid of Obama in November we can get to drilling for it.
SUPERSTEVIEO Champion Author Quebec Posts:3,523 Points:787,115 Joined:Oct 2010	Message Posted: Oct 6, 2012 6:53:51 AM Ignore SUPERSTEVIEO Report Abuse so... when does this end up in our tanks??? and what will it cost us???
isem Champion Author Missouri Posts:1,906 Points:419,185 Joined:Feb 2012	Message Posted: Oct 6, 2012 6:53:38 AM Ignore isem Report Abuse Good news.
Foxt Champion Author Minnesota Posts:5,240 Points:2,016,330 Joined:Jul 2006	Message Posted: Oct 6, 2012 6:49:56 AM Ignore Foxt Report Abuse How about estimating what they'll sell for.
millerin Champion Author Orlando Posts:2,295 Points:478,440 Joined:Jan 2012	Message Posted: Oct 6, 2012 6:47:39 AM Ignore millerin Report Abuse hmm...
FocusST2 Champion Author North Carolina Posts:8,123 Points:1,374,925 Joined:Jul 2009	Message Posted: Oct 6, 2012 6:47:12 AM Ignore FocusST2 Report Abuse This is a game changer. Just like others have said, keep it here and boost our energy independence.
Hop1LA Champion Author Baton Rouge Posts:3,294 Points:1,172,495 Joined:Apr 2008	Message Posted: Oct 6, 2012 6:46:53 AM Ignore Hop1LA Report Abuse ok
afghaned Champion Author Hamilton Posts:11,793 Points:1,282,135 Joined:May 2004	Message Posted: Oct 6, 2012 6:46:25 AM Ignore afghaned Report Abuse Good to have the reserves but what will it cost the environment to keep pumping that chemical mix into the ground!!!
Cardinal12 All-Star Author Columbus Posts:854 Points:656,330 Joined:Jan 2011	Message Posted: Oct 6, 2012 6:46:16 AM Ignore Cardinal12 Report Abuse wow.
Piper0072 All-Star Author Rochester Posts:906 Points:377,980 Joined:Jun 2008	Message Posted: Oct 6, 2012 6:45:11 AM Ignore Piper0072 Report Abuse New York state liberals continue to block drilling in this state.
Lengas Champion Author Gary Posts:13,530 Points:2,713,775 Joined:Nov 2004	Message Posted: Oct 6, 2012 6:43:51 AM Ignore Lengas Report Abuse WHEN you go for it KEEP IT HERE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
DavidsChallenge All-Star Author Louisville Posts:635 Points:125,805 Joined:Aug 2012	Message Posted: Oct 6, 2012 6:43:46 AM Ignore DavidsChallenge Report Abuse Quit exporting oil and natural gas!
Tommy4Wheel Champion Author Wilmington Posts:32,881 Points:3,101,570 Joined:Apr 2004	Message Posted: Oct 6, 2012 6:43:31 AM Ignore Tommy4Wheel Report Abuse DRILL BABY DRILL!!!!...SO WE CAN EXPORT BABY EXPORT!!!!
BM4225 Champion Author Atlanta Posts:10,099 Points:2,091,045 Joined:Aug 2006	Message Posted: Oct 6, 2012 6:43:20 AM Ignore BM4225 Report Abuse Sounds good, so does this mean we no longer will move forward with alternative energy sources, as we have in the past? If we do, we are foolish, we need to look at how Japan moved inroads into our automobile industry. They took patients, and continued to move forward, with little if any profits at the beginning, and today they are a powerhouse here. We still need to move forward with alternative energy, for some day there will be none to drill. It may not be in our life time, but some other.
jhnh Champion Author Michigan Posts:2,476 Points:1,622,855 Joined:Nov 2005	Message Posted: Oct 6, 2012 6:42:22 AM Ignore jhnh Report Abuse keep it here
ReddevilNO Champion Author New Orleans Posts:3,350 Points:577,690 Joined:Aug 2011	Message Posted: Oct 6, 2012 6:41:48 AM Ignore ReddevilNO Report Abuse Ok.
wkb03 Champion Author Georgia Posts:1,940 Points:589,050 Joined:Aug 2011	Message Posted: Oct 6, 2012 6:38:18 AM Ignore wkb03 Report Abuse Good, but stop the exporting.
Harry813 Champion Author Iowa Posts:2,985 Points:657,865 Joined:Jul 2011	Message Posted: Oct 6, 2012 6:37:53 AM Ignore Harry813 Report Abuse Yep.. I need to convert my truck to CNG !
epf Champion Author Grand Rapids Posts:6,314 Points:1,887,355 Joined:May 2004	Message Posted: Oct 6, 2012 6:37:39 AM Ignore epf Report Abuse I hope this is not an excuse or reason for more fracking!
Z06KY Champion Author Louisville Posts:5,124 Points:901,715 Joined:Nov 2010	Message Posted: Oct 6, 2012 6:35:32 AM Ignore Z06KY Report Abuse Any time the government is involved in a report I question it!
goldseeker Champion Author West Virginia Posts:19,513 Points:2,714,815 Joined:Sep 2005	Message Posted: Oct 6, 2012 6:35:28 AM Ignore goldseeker Report Abuse More lies.
bikechuck Champion Author Indianapolis Posts:6,990 Points:2,059,120 Joined:Apr 2006	Message Posted: Oct 6, 2012 6:35:14 AM Ignore bikechuck Report Abuse Great for USA if we can get to the reserves without too much protest, environmental damage etc..
alphanyr Champion Author Connecticut Posts:4,790 Points:671,750 Joined:Apr 2011	Message Posted: Oct 6, 2012 6:34:41 AM Ignore alphanyr Report Abuse Ok
sappie Champion Author Massachusetts Posts:3,496 Points:582,520 Joined:Jul 2010	Message Posted: Oct 6, 2012 6:34:38 AM Ignore sappie Report Abuse ya
Bill100 Champion Author Grand Rapids Posts:41,458 Points:1,158,845 Joined:Jan 2010	Message Posted: Oct 6, 2012 6:34:35 AM Ignore Bill100 Report Abuse It's really only a guess.
fillerupyeoww Champion Author Columbus Posts:5,859 Points:1,645,440 Joined:Mar 2008	Message Posted: Oct 6, 2012 6:33:09 AM Ignore fillerupyeoww Report Abuse Maybe we could use it to pay down the national debt?
WonderfulMI Champion Author Michigan Posts:11,628 Points:1,782,950 Joined:Jun 2008	Message Posted: Oct 6, 2012 6:31:22 AM Ignore WonderfulMI Report Abuse What? No assertions the the U.S. Geological Survey report is all an evil government plot?
batman2010 Champion Author Toronto Posts:1,647 Points:1,010,705 Joined:Jan 2010	Message Posted: Oct 6, 2012 6:31:07 AM Ignore batman2010 Report Abuse imagine that
slkmoo Champion Author Ontario Posts:1,233 Points:325,475 Joined:Apr 2012	Message Posted: Oct 6, 2012 6:29:28 AM Ignore slkmoo Report Abuse more is better
BigDogOH Champion Author Cincinnati Posts:8,483 Points:1,803,820 Joined:Mar 2008	Message Posted: Oct 6, 2012 6:29:12 AM Ignore BigDogOH Report Abuse Build a refinery there to prosses it.
dar 1 Champion Author Michigan Posts:5,877 Points:445,320 Joined:Jan 2005	Message Posted: Oct 6, 2012 6:28:05 AM Ignore dar 1 Report Abuse Good for all................
TXryder Champion Author Texas Posts:2,686 Points:428,730 Joined:Jan 2012	Message Posted: Oct 6, 2012 6:27:29 AM Ignore TXryder Report Abuse two dunce liars running against each other. as if we had a choice
pfone1847 Champion Author Illinois Posts:3,166 Points:619,580 Joined:Oct 2010	Message Posted: Oct 6, 2012 6:25:58 AM Ignore pfone1847 Report Abuse hmmm
skippypa Champion Author Hawaii Posts:8,456 Points:1,736,930 Joined:Jun 2008	Message Posted: Oct 6, 2012 6:25:38 AM Ignore skippypa Report Abuse With all this natural gas something good had to come out of it!!
Beboper Champion Author Virginia Posts:8,707 Points:2,159,790 Joined:Oct 2005	Message Posted: Oct 6, 2012 6:25:26 AM Ignore Beboper Report Abuse but the price is still going up
mrjames1818 Champion Author New Jersey Posts:1,525 Points:1,994,095 Joined:Mar 2004	Message Posted: Oct 6, 2012 6:23:07 AM Ignore mrjames1818 Report Abuse If you mine it here then keep it here - exports should be taxed to the hilt.
gravityhurts Champion Author North Carolina Posts:4,073 Points:933,505 Joined:Sep 2008	Message Posted: Oct 6, 2012 6:22:30 AM Ignore gravityhurts Report Abuse NoBamamamama.
savannahoaks Champion Author Rockford Posts:2,677 Points:631,235 Joined:Mar 2011	Message Posted: Oct 6, 2012 6:22:00 AM Ignore savannahoaks Report Abuse If you think oil and gas prices are high now, wait until the EPA and other agencies dump a ton of new regs on them to "protect us". All they are protecting is their own jobs. More regs means more regulators to oversee and enforce them.