BAD NEWS FOR PUTIN, THE SAUDIS, AND OTHER ENEMIES OF AMERICA: Texas Formation’s Shale Gas Estimates Doubled.

One of America’s most productive shale basins has twice as much natural gas and a lot more oil than was previously estimated, according to a new U.S. Geological Survey report. The Barnett Shale formation is in north central Texas, and within it you can find hydrocarbons galore. . . .

The previous USGS estimates were based on 2003 data, and much has changed in America’s energy landscape since then. In fact, the doubling of Barnett’s estimated natural gas reserves in just a dozen years is an excellent illustration of how hydraulic fracturing and horizontal well drilling have fundamentally transformed the U.S. energy landscape.

There’s been plenty of talk about the ability of U.S. shale firms to continue profitably to drill in today’s oversupplied bearish crude market. While output has flagged somewhat in recent months, it hasn’t fallen off to the extent that many expected, and the estimates of the reserves they’re plumbing are being revised upwards. That means the U.S. will be able to draw from this formation for longer than we knew. America’s energy future is still bright.

And with the Saudis and Russians running low on cash, green groups may face reverses of their own.