Price of the natural gas knocked off in New York and advancing Natural gas engines
New York natural gas market is affected largely due to the huge drop in the price of the natural gas and boosted the heating oil trade. The Commodity Futures Trading Commission said that, the futures of the natural gas in New York plummeted to the least in the past five years and the price of the heating oil ascended unprecedently. In the New York Mercantile Exchange the annual gain for fuel has increased and gas has collapsed around 52 percent. This year, the United States Energy Department has planned to increase the production of the natural gas shale drilling, 2.5 percent more than the previous year output. The oil wells for sale, has been reduced in many parts of the United States since there is a huge decrease in the natural gas contracts and the vendees are less interested to purchase the oil wells.
Sergio Marchionne, the Chief Executive Officer of the Chrysler Group LLC and Fiat declared that, the natural gas engines are the best option to reduce the emission of carbon, and they are less expensive when compared to other vying technologies. Electric car founded by the Toyota Motor Corporation and General Motors Company are experiencing many obstructions in the recharge time for batteries. Fiat ranks as the global leaders for producing natural gas engines, with 55 percent of light commercial vehicles and 80 percent of methane fuelled cars. The managing director of the Fiat Power train technologies Alfredo Altavilla said that, the natural gases are the most affordable resolution and it is predominately used in the transport sector and utilized as fuel resources. Methane powered cars are sold extensively around Europe and Fiat has sold more than 127000 methane fuelled cars during 2009.
The Interior Department of the United States are adopting new policies that would pressure the natural gas and oil drillers to expose the toxic chemicals, which are used in the hydraulic fracturing. The new plans will enhance the natural gas extraction and it will also protect the environment. Ken Salazar, the Interior Secretary of the United States said that, the hydraulic fracturing has a very bright future, but the major concern is, it does not affect the water bodies and contaminate the potable water. Environmental Protection Agency of the U.S is examining whether the usage of the hydraulic fracturing pollutes the water bodies and the results of this examination will be released in 2012. Many oil well and natural gas drilling companies have opposed to new policies adopted to unveil the chemicals used in the hydraulic fracturing, since it contains the information of the proprietorship.