To visit an energy conference in New York, or perhaps anywhere in the United States, is to feel the full force of the shale gale that has swept across the US oil and gas industry, transforming the country’s domestic and foreign perspectives. Its founding fathers have achieved legendary status and are provided the veneration that only America appears capable of giving business leaders.
Shale is variously described as a “revolution,” even a “miracle.” Benjamin Schlesinger, president of Benjamin Schlesinger and Associates, went that one step further to state that “natural gas is a renewable fuel.”
This was the international conference of the International Association for Energy Economics held in New York from June 15-18, where it was clear that America is the cat that has got the cream. It is the crucible of the revolution in drilling technology that has reduced the cost of previously unrecoverable oil and gas resources to affordable levels, and it is beginning to export those technologies to the rest of the world. It no longer has to concern itself with existing and emerging import dependencies. Instead it is discussing the possibility that it may soon be a net exporter of oil.
Read the rest of this entry »