Natural Gas Boom in U.S.

Using new technology to exploit previously inaccessible reserves, the American natural gas industry is producing gas at a rate not seen in 50 years, according to a report in The New York Times. By tapping into gas trapped in deep shale beds, the U.S. industry increased domestic production by 8.8 percent in the first 5 months of 2008 and is experiencing a frenzy of leasing and drilling. U.S. prices for natural gas — the cleanest fossil fuel — have fallen by 42 percent since early July as supplies increase, and some analysts believe that the industry will be able to supply 40 years of natural gas at current consumption rates. But another report says that the process used to extract the gas is producing millions of gallons of wastewater that is overwhelming local treatment facilities. The extraction process, known as hydraulic fracturing, blasts cracks in the deep shale using water, chemicals, and sand.