U.S. Natural-Gas Data Overstated

"it appears that Wall Street has underestimated the real cost of shale gas, and overestimated how fast its production can be expanded. Some studies point towards the overestimation of shale gas supplies by some companies. Also, there are some concerns regarding the long term viability of shale gas extraction in a lucrative manner.
Empirical data tells us that the production in shale formations drops off rapidly after two to three years of high production."
http://2greenenergy.com/shale-natural-gas-vs-renewable-energy-continued-guest-blogger-anil/2806/

EIA to make gas data revisions: report
The U.S. Energy Department is preparing to make large revisions to its U.S. natural-gas production data, the Wall Street Journal reported on Sunday. The department found it has been overstating output, the paper said.

The monthly gas-production data, known as the 914 report, is used by the industry and analysts for a number of reasons such as making capital investments and predicting future natural-gas prices and stock recommendations, the paper said.

However, the Energy Information Administration, the statistical unit of the Energy Department, has uncovered a fundamental problem in the way it collects the data, the paper said.

The data does not reflect swings in production from hundreds of smaller producers, the paper said, and the EIA plans to change its methodology this month, which will result in "significant" downward revisions in some areas, the paper said. It cited Gary Long, the acting director of the 914 form, who led the review.

The Wall Street Journal report follows a review of the EIA's flagship weekly oil inventory report that also found errors in the data.

The Energy Department and the EIA could not immediately be reached for comment.
http://www.reuters.com/article/idUSTRE63400Q20100405

U.S. Natural-Gas Data Overstated
http://www.planbeconomics.com/2010/04/04/u-s-natural-gas-data-overstated/