The growth of oil and gas exploration in shales begun in North America is setting off a global race for shale E&P development and threatens to turn the old conventional energy order on its head.
Based primarily on the phenomenal growth of domestic energy production from shale E&P in the United States, the world is waking up to realize that we are not running out of oil or natural gas.
As in every revolution there are both opportunities and risks. Here in America our politicians are promising energy independence from development of domestic resources. This, more accurately, should be interpreted as an end to energy dependence upon OPEC for oil imports by substituting a more broadly competitive global marketplace with many suppliers. Energy independence is more accurately energy inter-dependence as the world adapts to the concept of truly competitive energy markets.