U.S. to Slash Marcellus Shale Gas Estimate 80%

Bloomberg reports that the U.S. will slash its estimate of undiscovered Marcellus Shale natural gas by as much as 80 percent.

The market news is quoted as saying:

The formation, which stretches from New York to Tennessee, contains about 84 trillion cubic feet of gas, the U.S. Geological Survey said today in its first update in nine years. That supersedes an Energy Department projection of 410 trillion cubic feet, said Philip Budzik, an operations research analyst with the Energy Information Administration.

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