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The Associated Press July 21, 2010, 1:48PM ET text size: TT

http://www.businessweek.com/ap/financialnews/D9H3J5V00.htm

Report: Marcellus reserves worth $2 trillion

MORGANTOWN, W.Va.

A new report done for the American Petroleum Institute says the vast Marcellus Shale natural gas reserves are worth at least $2 trillion to industry and billions in potential tax revenues to states.

The report Wednesday by Timothy Considine of Wyoming's Natural Resource Economics Inc. says the value of the reserves could be even greater.

It comes as the U.S. Environmental Protection Agency prepares for hearings in Canonsburg, Pa., on Thursday and August 12 in Binghamton, N.Y. on issues related to hydraulic fracturing or "fracking," a drilling process now exempt from federal regulations. The oil and gas industry opposes having the process governed by the Safe Drinking Water Act and regulated by EPA