THERE AIN'T NO PEAK:

Time to Tap the Bounty of U.S. Natural Gas (CHRISTOPHER SWANN, 1/18/11, NY Times)

Just last month, the Energy Department more than doubled estimates of recoverable shale reserves to 827 trillion cubic feet, the energy equivalent of roughly 140 billion barrels of oil. That’s slightly greater than the proven oil reserves of Iran, the world’s third largest repository of crude.

As gas reserves have ballooned, so has the potential to help solve decades-old policy conundrums, starting with an addiction to foreign oil. Last year, the tab for the 12 million barrels of oil the nation imports daily came to around $260 billion, accounting for roughly half the total trade deficit.

Gas can be used directly in vehicles and to generate electricity. So it offers great hope of kicking the habit. By shifting America’s gasoline-guzzling heavy vehicle fleet and buses to natural gas the United States could cancel orders for up to three million barrels of oil a day. This could shave $100 billion off the annual trade deficit at current oil prices.

It would also represent a giant step toward energy independence, reducing reliance on unstable foreign powers. Three million barrels a day is equivalent to more than half of imports from OPEC; Saudi Arabia, Venezuela and Libya combined sell around two million barrels daily to America. Even greater import savings could accrue if such a move gives way to the next generation of domestically manufactured electric cars.

Finally, gas offers one of the quickest and most cost-effective ways of cutting greenhouse gas emissions.