The proved gas reserves in the US are 50% higher in 2010 than 30 years ago during which time the country consumed more than double the amount of the 1980 proved gas reserve number. That’s the complete opposite of every energy prediction ever made. How could that be?
In a continuing effort to drive a stake through the crazy conspiracy popularized by the NYT that the natural gas boom is a Ponzi scheme, I direct your attention to hot off the presses EIA data for what it calls “proved gas reserves,” the most conservative or smallest category of reserve classifications.
In 2010, the most recent year for which data is available, EIA’s proved gas reserves jumped the most it has in 35 years, more than 11%. While the 2010 rise was especially big, it was not a fluke. EIA’s estimates of proved gas reserves have increased for 12 straight years.
Most impressively, proved gas reserves in 2010 were up 50% compared to the 2005 number or the 1980 number. That’s right our proved gas reserves are 50% higher in 2010 than 30 years ago, despite using a lot of gas during that 30 year period.