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Journal Article
Natural gas from shale: Texas revolution goes global
The Texas experiment in extracting natural gas from the Barnett Shale proved the technical feasibility of shale gas development and brought costs within bounds that promise to give shale gas an important role in global energy supplies for decades to come. ; Shale gas cost estimates vary widely, partly because of limited experience in a few basins and partly because the technology is evolving. Prices of competing energy sources at levels seen today will likely stimulate continued rapid development of natural gas from shale. However, additional regulations to protect or conserve groundwater ...
Journal Article
Economic impact of rising natural gas prices
Journal Article
Houston after the hurricanes
Working Paper
The Energy Boom and Manufacturing in the United States
This paper examines the response of U.S. manufacturers to changes in competitiveness brought about by movements in the price of natural gas. I estimate the response of various measures of manufacturing activity using panel regression methods across roughly 80 industries that allow each industry's response to vary with its energy intensity. These estimates suggest that the fall in the price of natural gas since 2006 is associated with a 2 to 3 percent increase in activity for the entire manufacturing sector, with much larger effects of 30 percent or more for the most energy intensive ...
Why “Paying in Rubles” May Prove Irrelevant
Russia’s recent decree to 'unfriendly' buyers of its natural gas may not make a great deal of difference in economic terms.
Working Paper
Deliverability and regional pricing in U.S. natural gas markets
During the 1980s and early '90s, interstate natural gas markets in the United States made a transition away from the regulation that characterized the previous three decades. With abundant supplies and plentiful pipeline capacity, a new order emerged in which freer markets and arbitrage closely linked natural gas price movements throughout the country. After the mid-1990s, however, U.S. natural gas markets tightened and some pipelines were pushed to capacity. We look for the pricing effects of limited arbitrage through causality testing between prices at nodes on the U.S. natural gas ...
Journal Article
The next gold rush, or gold bust?
Journal Article
Pricey oil, cheap natural gas, and energy costs
Historically, oil and natural gas prices have moved hand in hand. However, in the past few years, while oil prices climbed to near record peaks, natural gas prices fell to levels not seen since the mid-1970s as a result of new hydraulic fracturing technology. U.S. consumer energy expenditures are still mainly driven by oil prices, so household energy bills got little relief as natural gas prices fell. Moreover, even though the United States has trimmed crude oil imports, they still equal a substantial share of gross domestic product.