In a must-read, forward-looking Project Syndicate column today, world-renowned energy expert Daniel Yergin lays out the clear facts about shale development’s positive and revolutionary benefits.
Under the headline “The Global Impact of US Shale,” the Pulitzer Prize-winning Yergin underscores the fact that “the International Energy Agency predicts that in the next few years the US will overtake Saudi Arabia and Russia to become the world’s largest oil producer,” thanks to hydraulic fracturing and horizontal drilling advancements.
Here are several other key excerpts:
- Five years ago, it was expected that the US would be importing large volumes of liquefied natural gas to make up for an anticipated shortfall in domestic production. Now the US is not importing any LNG – thereby saving $100 billion on its annual import bill. … In addition, the unconventional revolution supports over two million jobs.
- The rise of US shale energy is also having a broader global economic impact: American shale gas is changing the balance of competitiveness in the world economy, giving the US an unanticipated advantage. Indeed, inexpensive natural gas is fueling a US manufacturing renaissance, as companies build new plants and expand existing facilities.
- Overall, however, the shale-energy revolution does provide a new source of resilience for the US and enhances America’s position in the world. The emergence of shale gas and tight oil in the US demonstrates, once again, how innovation can change the balance of global economic and political power.
Dr. Yergin is absolutely right. Please watch this video — Then and Now — which reflects his informed, fact-based statements. Safe shale development will continue to positively enhance our lives and our environment.