|
Wall Street analysts are taking notice of the trends, too. A Citibank research report noted that much has been said about the potential for the natural gas boom to derail growth in renewables, but they believe "the opposite is true." "Gas and renewables could in fact be the making of each other in the short term," the report noted, since renewables will cost about the same as conventional fuels in many parts of the world "in the very near term." That would allow a surge in demand for renewables, "which in turn will drive demand for more gas-fired" power plants to be used as backup. "Gas provides an abundant and (potentially) cheap source of energy to be used while renewables continue to gain in competitiveness," the report said. But a new drilling boom isn't imminent. The Marcellus Shale Coalition, an industry group, says current prices will have to be sustained for months or years for companies to drill significantly more wells than they are now. "I think everyone's watching it," said Katie Klaber, the group's president, who expects prices to stabilize. "There's a lot of supply that hasn't even been explored or tapped, that's going to contribute to stable prices over the long haul." The American Coal Council, an industry group based in Washington, D.C., welcomed the rise in gas prices and said orders for coal are rebounding. "We're starting to see a little sunlight shining through. There is opportunity," spokesman Jason Hayes said, though he agreed that gas has made "serious inroads" into the electricity market.
[Associated
Press;
Copyright 2013 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor