PGC hikes US gas resource estimate by >25%.

FT: “The report of the Potential Gas Committee found that the US has technically recoverable natural gas potential of 2,384tn cubic feet – the highest evaluation in the group’s 48-year history, and double the level 10 years ago.” “It exceeds the last assessment in 2010 by 486tn cu ft – an increase of 25.6 per cent. Adding that to the country’s proved gas reserves of 305tn cu ft means the US has a total available future supply of 2,689tn cu ft – enough to last about 110 years, based on current rates of consumption. …..Shale gas now accounts for 30 per cent of total gas consumption in the US compared with just 1 per cent in 2000. ….In its report, the committee said the increase in its current assessment was primarily thanks to a re-evaluation of shale gas plays in the Appalachian basin in the eastern part of the US, which contains the Marcellus and Utica Shales, and also important new contributions of both shale gas and conventional resources in the Rocky Mountains region in the west.”