Scott Simpson, Vancouver Sun November 9, 2010
There was some good news/bad news today for British Columbia, and for global efforts to curtail greenhouse gas emissions. A global glut of natural gas will keep prices of the fossil fuel depressed for at least a decade, threatening efforts to boost investment in renewable energy, the International Energy Agency says in a report released Tuesday in London.The IEA's World Energy Outlook for 2010 - an annual forcast of energy supply, demand and consumption authored by the world's developed nations including Canada and the United States - anticipates a global oversupply of gas on the order of 200 billion cubic meters beginning next year according to a Reuters story. That's more than three times the excess supply that was available as recently as 2007. Even rising global gas use, which will increase faster than any other fossil fuel, won't overcome a production surge that is emerging from shale gas resource development in the United States, and in Canada. "The gas glut will be with us 10 more years," IEA chief economist Fatih Birol told Reuters.
There was some good news/bad news today for British Columbia, and for global efforts to curtail greenhouse gas emissions. A global glut of natural gas will keep prices of the fossil fuel depressed for at least a decade, threatening efforts to boost investment in renewable energy, the International Energy Agency says in a report released Tuesday in London.The IEA's World Energy Outlook for 2010 - an annual forcast of energy supply, demand and consumption authored by the world's developed nations including Canada and the United States - anticipates a global oversupply of gas on the order of 200 billion cubic meters beginning next year according to a Reuters story. That's more than three times the excess supply that was available as recently as 2007. Even rising global gas use, which will increase faster than any other fossil fuel, won't overcome a production surge that is emerging from shale gas resource development in the United States, and in Canada. "The gas glut will be with us 10 more years," IEA chief economist Fatih Birol told Reuters.
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