WSJ: Shale Gas Could Fracture Energy Market

Significant growth in the development of shale gas resources could shift the balance of power in the global energy market, reducing the fuel import bills of places like Europe and weakening powerful exporters like Russia and Qatar, the International Energy Agency said Tuesday.

Now, this would be a boon for energy intensive manufacturers in Europe–particularly petrochemical producers–and also for utilities currently suffering at the hands of the gas pricing power enjoyed by Russia.

“It is not an exaggeration to say that unconventional gas would fracture the status quo of the energy system and lead to a major geographic shift in the sources of energy,” said the IEA’s Chief Economist, Fatih Birol, at a briefing in London.  MORE