Briggs says New York Times’ story on natural gas misses the mark

Don Briggs, president of the Louisiana Oil & Gas Association, says the New York Times is off base with a recent story about concerns over the current natural gas rush. In a story that ran over the weekend, The Times cites skepticism about lofty forecasts for the size of reserves such as the Haynesville Shale in north Louisiana. One analyst for an energy drilling company even called the shale plays “just giant Ponzi schemes.” The article notes that less than 20% of the Haynesville Shale area heralded by companies as productive is likely to be profitable. Briggs says assertions that Haynesville has not lived up to its expectations are “bold and outlandish.” “Since its development began in 2008, the Haynesville Shale has resulted in the injection of over $22 billion into the local and state economy in Louisiana, just in fiscal years 2008 and 2009 alone. In fact, while other states have lost jobs and revenue, the Haynesville Shale development has shielded our state from the economic recession,” Briggs says. To read the Times article, click here. Read Briggs’ response here.