Methane gas is an extremely potent greenhouse gas, ten to twenty times more efficient at retaining atmospheric heat than CO2. The good news is that it "only" lasts about 10 years or so in the atmosphere before it breaks down into CO2 (!) and water. By comparison, it will take centuries to get CO2 back to pre-industrial revolution levels, even if we stopped producing any of it today.
As global temperatures rise, it's effects have been felt most in the arctic and Antarctic regions. The permafrost is thawing and is believed to have the potential of releasing billions of tons of methane into the atmosphere in a short span of years, very quickly exacerbating global warming by 10-25%. There is some question about whether the methane will be released directly into the atmosphere or will oxidize in the peat and be released merely as CO2, but the potential for a huge catastrophe is in the making.
As if this weren't bad enough, I'll reveal a new arctic methane threat below the fold.
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