The shale ‘revolution’ is about gas prices & oil production
The shale ‘revolution’ is about gas prices & oil production / Jales Coleman, Assistant Professor University of Calgary’s Faculty of Law, the energy collective, 17/07/2014
I’d like to make a quick point about the “shale revolution,” which may be old news to those immersed in North American energy policy but might be helpful to those just starting to think about the wider implications of increased North American production of oil and gas.
Increased production of oil & gas from shale formations using hydraulic fracturing and horizontal directional drilling is often referred to as North America’s shale revolution because of the way it has transformed oil & gas production, reserves, production, and pricing. But the “revolutionary” part of these changes mostly boils down to two big changes: 1) natural gas prices, which were rising, are now falling, and 2) oil production, which was falling, is now rising…