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(Mr. REED asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)
Mr. REED. Madam Speaker, I rise today to bring attention to the plentiful natural gas reserves that we have in the United States. Many of my colleagues may not be aware of two studies which recently highlighted the abundance of this clean-burning domestic fuel source which holds so much promise.
The first study I would like to draw attention to is the Energy Information Administration's Energy Outlook 2011, which analyzes energy production, consumption, technology, market supply and demand, and the direction those trends may take in the future. The outlook anticipates strong growth in the natural gas development and consumption because of development of shale gas resources. The outlook notes that growth in natural gas would not be permissible but for the combination of horizontal drilling and hydraulic fracturing technologies which have made shale gas economical to produce. The outlook finds that hydraulic fracturing and horizontal drilling have led to an average annual growth rate of 48 percent in the time period from of 2006 to 2010.
The second study I would like to mention is the American Gas Association's Potential Gas Committee 2010 biennial report.
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This report highlights the potential supply of natural gas in the United States. To be specific, the report finds that the Untied States possesses an untapped natural gas resource potential of 1,898 trillion cubic feet. This is the highest resource evaluation in the Potential Gas Committee's 46 year history.
My Congressional District in New York State overlays a formation known as the Marcellus Shale. This shale play is one of the leading contributors to the rapid growth in estimates of recoverable natural gas in the United States.
By developing and utilizing these massive natural gas reserves, we can begin to reduce our dependence on foreign oil, and thus over time, reduce the cost of gasoline. As we all know, American producers and consumers are paying a heavy price as the cost of gasoline continues to rise. Everything costs more to produce, more to transport, and more to purchase.
Reducing our dependence on foreign oil is both a national security issue and an economic issue. I urge my colleagues to consider
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