In general the price of oil and natural gas has been too low to entice new drilling.  The supply of oil and natural gas has also outpaced the demand which has added to the problems in the gas and oil business.  On the plus side the current political climate is encouraging and the easing of government regulations and the opening up of exporting natural gas will lead to eventually higher prices and more drilling activity.

Erie County in particular will more than likely be a longer term play because the prolific Marcellus lies mostly south of Erie County and will attract more activity for the lower hanging fruit players, but the gas underground will not evaporate and the Upper Devonian strata which lies above the Marcellus has a reputation of having slower rates of decline, especially the Rhinestreet level where research has indicated increased potential.  The lower cost of drilling and the slower rates of decline

compared to the Marcellus will eventually make this a target.  This will give us  more time for technology to catch up to enable

more efficient and safer methods of drilling.  Longer laterals and better technology, imo, will eventually make this Upper Devonian play a good long term goal.

The Peak Oil syndrome indicates that the demand curve is outpacing the finite supply of oil and natural gas and the recent action of Saudi Arabia indicate that their estimates of reserves may be overstated and the recent shale oil/gas discovery in the United States have long term potential as long as the political climate will allow us to utilize that potential.

The President of the United States, Donald Trump is in favor of the United States being a major energy supply for the world and America may be in a position to be GREAT AGAIN.

Views: 106

Reply to This

Local Groups





Blog Posts

Plastic, Brought to You by Natural Gas

Posted by Thomas J Shepstone on November 21, 2017 at 1:11pm 0 Comments

Most people use plastic products every day, but what they may not know is that natural gas plays a huge role in its manufacturing.

There is now another reason natural gas is so important in our everyday lives,…

Continue

Events

November 2017
SMTWTFS
1234
567891011
12131415161718
19202122232425
2627282930
       

© 2017   Created by Keith Mauck (Site Publisher).   Powered by

Badges  |  Report an Issue  |  Terms of Service