What would be the local economic impact of natural gas production in a small town such as Woodville, MS? The natural gas resource is not a recent phenomenon or discovery, but because of recent innovation in extraction it has now become more feasible to utilize this natural resource. Improvements to the process of extraction has caused many to believe that natural gas can be used as a major source for economic development, hence the coining the phrase “natural gas boom”. With natural gas becoming a more cost effective fuel, its compatibility with existing technology and expansion in development can create new jobs, provide additional government revenues, and other renewed opportunities. According to the Ground Water Protection Council, “natural …show more content…
What are the recent breakthroughs and the different classifications in natural gas? 2. How should the economic impact of natural gas extraction be measured? 3. What are the limitations and concerns with using natural gas as an economic resource? 4. What will be the impact of natural gas development on a small town such of Woodville, MS? “Eighty-four percent of the natural gas consumed in the U.S. is produced in the U.S., and 97% of the gas used in this country is produced in North America. This makes the development of domestic shale gas reserves an important component of the U.S. energy portfolio for many years.” (Ground Water Protection Council, 2009) What are the recent breakthroughs and the different classifications in natural gas? Upon discovery natural gas resources are labeled and classified in relation to the level in the earth’s soil formations they are found. The two main types of natural gas are conventional and unconventional. Over the last 100 years most exploration for natural gas resources has been a continued search for conventional gas. The attraction to conventional gas was in large part due to the considerably ease those in the industry believe it was extracted. Simply defined, conventional gas is natural gas that is trapped in relatively small porous zones, in a variety of rock formations such as carbonates, sandstones, and siltstones (CAPP, 2014). Conventional gas is further distinguished from nonconventional gas because of its application of traditional well-drilling