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Recent articles have proclaimed not only the newfound energy independence of the USA but also its future role as a global supplier. What they failed to see is that the USA is by no means the only beneficiary of shale oil. In addition to American energy independence I expect there to be a glut of energy and a corresponding fall in prices. This might be good or bad news for energy producers depending on where they are in the food chain but it should be great news for the world economy that might use the energy to dig itself out of the current debt induced recession. One can hope!

Russia May Hold 680 Trillion Cubic Meters of Unconventional Gas
By Anna Shiryaevskaya & Jake Rudnitsky - Dec 24, 2012 9:50 AM GMT-0430

Russia, holder of the world’s biggest natural-gas reserves, may have 2 1/2 times more unconventional resources than conventional supplies, according to OAO Gazprom. (OGZD)

The country may hold as much as 680 trillion cubic meters of unconventional resources, which include gas from shale, sandstones and coal beds, Viktor Skorobogatov, director of the gas resources center at Gazprom’s VNIIGAZ research unit, said in an interview in the company’s corporate magazine.

Denny Schlesinger
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