FT: Why the shale revolution is more boom than bane

It is easy to forget how rapidly the shale revolution has transformed the US. Less than a decade ago, all projections were for rising oil and gas imports. Today, it is the world’s largest oil and gas producer, oil import dependence has been almost halved, and soon it will be a net natural gas exporter.

So what? Opponents of shale development exaggerate its environmental impacts. Supporters claim it is leading to an economic renaissance and weakening Russian president Vladimir Putin in equally hyperbolic terms. It is true the US has shifted from energy scarcity to abundance, but responding to this bounty requires a clear understanding of what it means for the country’s economic, geopolitical and environmental goals.  MORE