DOE Cuts Marcellus Gas Reserves Estimate by 2/3

The Energy Department revised downward it’s estimate of how much gas reserves are contained in the Marcellus shale. Per an AP story in CBS Moneywatch:

Its Annual Energy Outlook for 2012 says the Marcellus Shale region holds about 141 trillion cubic feet of undiscovered natural gas. That’s down from a 2011 estimate of 410 trillion cubic feet. The department said last year it would make the change after the U.S. Geological Survey made a similar reduction.

The Energy Department said its current estimate was made using more recent drilling and production data in the region. The agency’s estimate is larger than the U.S.G.S. 2011 estimate of 84 trillion cubic feet.