Shale gas revolution, international gas market
Is shale gas such a revolution as some analysts would have us believe? Is it a hype or a reality?
[...] But not only does shale gas change the game, but it also changes the players. Russia is the largest exporter of natural gas in the world, and accounts for 25% of Europe's natural gas supply. The impact of US shale gas development on Europe facilitates a spillover effect on Russia and a large potential to shift the geopolitical relations between Russia and Europe. If successful, wide spread shale gas production will gain an influential role in the world market; Europe could potentially find access to relatively cheaper LNG supplies outside Russia, such as Qatar, offshore Africa, and elsewhere. [...]
[...] If the revolution continues in the US and extends to the rest of the world, energy consumers can anticipate a future dominated by cheap gas. However, of it falters and the current hype about shale gas proves an illusion, the world will face serious gas shortages in the medium term. To that extent, is shale gas a hype or a reality ? has the unlocking of source rock altered the history of mankind, as some analysts would have us believe ? [...]
[...] There are worldwide implications of shale gas development on the global gas market. As previously discussed, the growth and development of the shale gas industry in the US will lower the LNG import amount. This facilitates a decrease in US dependency on outside sources, thus diversifying the global gas supply and increasing the gas supply in the global market. Moreover, this spurs potential for an increase in the energy security for natural gas importing countries, thereby decreasing reliance on and the political leverage of major exporting countries. [...]
[...] Indeed, the shale gas revolution makes it harder for wind, solar and biomass energy, as well as nuclear, to compete on economic grounds. Shale gas also hurts the energy-independence argument for renewables : shale gas is domestic, just like wind and solar, so we won't be shipping those dollars to the Middle East. These uncertainties over the environmental questions will inhibit future investement in gas supplies, as a consequence the world will face serious shortages. The recent shale gas revolution in the us has created huge uncertainties for international gas markets that are likely to inhibit investment in gas – both conventional and unconventional : whether to invest in gas production, whether to invest in new pipelines ? [...]
[...] The introduction of GE's portable water evaporator has made the recycling and cleaning of fracking water ore effective and less expensive. Using all the information provided we speculate that the increase in shale gas development in the US is not a revolution but rather the an expansion of an already existing practice. Not completely replacing dirty coal, but instead acting a bridge between an era of dirty energy to an era of renewable energy. BIBLIOGRAPHY Medlock, Kenneth B. Shale Gas: A Game-Changer With Global Implications. James A Baker III Institute for Public Policy of Rice University October 2009. [...]
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