Wednesday, January 12, 2011

Devon's Nichols Bullish on Natural Gas

The chairman of Devon Energy Corp. says he expects a "revolution" in the growing use of natural gas as a power source for electricity generating facilities across the country according to press reports.
Devon co-founder and Chairman Larry Nichols made the comments Tuesday during a "Legislative Boot Camp" for new Oklahoma lawmakers sponsored by The State Chamber it was widely reported in the press.
Oklahoma City-based Devon is a natural gas and oil exploration and production company that employs more than 5,400 people worldwide and  Nichols says the growing use of technologies like hydraulic fracturing and horizontal drilling has dramatically boosted the amount of natural gas available in the United States for use and recovery. And while he says he predicts natural gas prices to remain fairly low this year, he says he expects prices to rebound as the nation's economy recovers from the recent recession and further uses of natural gas are exploited.

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