A vote for more natural gas
The head of one of the world’s largest independent oil and gas exploration and production companies said he is an enthusiastic convert to the promise of natural gas to lower fuel costs, ease U.S. dependence on foreign oil, and reduce the environmental impact of burning fossil fuel. James Hackett, chairman and chief executive officer of Anadarko Petroleum Corp., said Wednesday that developments regarding shale gas over the past five years amount to a revolution in the nation’s energy picture. Supply estimates have increased dramatically in recent years, and estimates show that there’s enough natural gas to meet moderate demand for a century. The rapid increase in supply is already driving prices down, and Hackett said projections show natural gas can provide fuel at the equivalent of $42 per barrel of oil at a time when oil is in the neighborhood of $100 per barrel. Coal remains cheaper, he said, but all of...