This is a very good big-picture article from the Australian Financial Review concerning the emerging shale gas boom going on in America and its long term economic impact and benefits.JPMorgan chief Jamie Dimon was ticking off the things America had going for it in these troubled times when he realized he’d left something out. “Oh yeah, we’ve just been given another gift, called shale oil,” he told guests at a Council on Foreign Relations luncheon in Washington last week. “I mean, God looked down upon us and said, ‘I know you wasted all that energy bounty, let me give you one more shot’.”
Dimon didn’t overstate shale’s impact on the struggling US economy. Cheap abundant energy from shale rocks is the chance America seized while its economy healed and the rest of the world dithered.
Shale gas has slashed energy prices in the US, sparked a revival in petrochemicals and manufacturing, pushed coal aside as the top source of power and created 1 million jobs. And it’s helped put the world’s most energy-hungry economy on track to meet its Kyoto emissions reduction targets, without even signing up. Read more: Financial Review
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