... oh, that's some bad long term investment, Harry!
Chevron Corp. on Tuesday became the latest oil giant to bet big on the natural gas in Pennsylvania's Marcellus Shale, agreeing to pay $4.3 billion for Atlas Energy Inc., a producer with deep Philadelphia roots. ....
Chevron's acquisition reaffirms the magnitude of the Marcellus Shale reserve, a mile-deep layer that lies under more than half of Pennsylvania and stretches from New York to West Virginia. It is the largest known U.S. gas field, according to Energy Department estimates.
This year, ExxonMobil Corp., the largest U.S. oil company, and Royal Dutch Shell Plc. have acquired operators with substantial Pennsylvania shale-gas holdings. Companies from Norway, Japan, and France have also bought stakes in Marcellus acreage.
Chevron to pay $4.3 billion for Atlas Energy and joins Marcellus Shale field
most relevent natural gas - shale gas, harangue here, ... but snip from conclusions, first:
... we will see a net decline of US natural gas supplies of approximately 8.5 bcf/d.
Short of the world going into a severe depression sometime during 2010, the coming drop in US natural gas supplies will put unrelenting upward pressure on natural gas prices when the market realizes the magnitude of supply deficit.
The Gas Crisis of 2011
... and the nail:
Shale gas plays in the United States are commercial failures and shareholders in public exploration and production (E&P) companies are the losers.
100 years of shale gas?