28 April 2010 21:16 [Source: ICIS news]
ATLANTIC CITY, New Jersey (ICIS news)--Vast quantities of natural gas locked in shale rock in Pennsylvania, New York and West Virginia will have a large impact on the heating oil market in the east coast, industry players said on Wednesday.
"Currently, [the Marcellus shale] has not really had much of an impact because of its infancy in production, but I see it creating a competitive environment for propane and heating oil down the road," said Thomas Peters, CEO of Empire State Petroleum Association.
The Marcellus shale is a large field of natural gas, spanning several states in the northeastern US, but the gas is locked in tight pockets of hard rock known as shale. Unlocking and producing the gas can be done through a technique called hydraulic fracturing.
"Maybe once we get through the hoops of hydraulic fracturing and the legislation, then we can make projections," Peters said.
Peters was speaking on the sidelines at the 2010 Atlantic Region Energy Expo.
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