The Shale Oil Revolution

New US drilling technologies have shifted nations’ rank for energy potential, and rising production in the US and throughout Asia has reduced prices, exports and GDP growth for Russia. The Asia Sentinel reports that the US has passed Russia as the largest producer of natural gas, and research from Samsung Economic Research Institute suggests that “China, one of the world's biggest energy importers, has the potential to become the world's largest shale gas producer, with reserves estimated to be larger than the US.” New discoveries and reserves add to price pressure for current suppliers, but many companies and governments continue to support supply controls, a floor for oil prices – as well as conservation, which may protect the environment. But dependence on fossil fuels is not vanishing anytime soon. – YaleGlobal