Abundance Of Natural Gas Discovered In NW Colorado

natural-gasWestern Colorado has 40 times more natural gas than previously expected, that according to a recent U.S. Geological survey. The numbers show that Colorado’s Piceance  Basin holds about 66.3 trillion cubic feet of natural gas which is up from the 1.6 trillion cubic feet that was thought to be in the basin in 2003. These large reserves would make the Piceance Basin, which spans most of Northwest Colorado, the second largest reserve in the country. According to the US Energy Department, a trillion cubic feet of gas is enough to heat 15 million homes for a year. However, there may be some issues with extracting the gas from the formation. David Ludlam  executive director of the West Slope Colorado Oil and Gas Association says that gas prices are to low to spur a boom at this time, but if prices continue to increase it will make it feasible for companies to drill. Another issue is that most of the basin is on federal land controlled by the BLM which is more difficult to drill, than private land. When asked about the survey, Colorado US representative Scott Tipton said that the potential of this find for Western Colorado’s economy and for our national energy security is tremendous. He continued to say that the discovery provides an incredible opportunity to create jobs and economic growth in one of the regions hit hardest by the economic downturn.

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