Is going to have long-term geopolitical effects:

“So far this century, this is the biggest innovation in energy, in terms of scale and impact,” according to U.S. analyst Daniel Yergin, author of a classic history of the oil industry, “The Prize: The Epic Quest for Oil, Money and Power”, who emphasised that one-third of all the gas produced in the United States is already extracted from shale gas reserves.

…In Ramírez’s view, “the abundance and new distribution of reserves of shale gas and other non-conventional fossil fuels will affect predictions about the relationship between energy and the economy, and will have major geopolitical effects.

“An initial effect is that the largest and best discoveries are outside the Organisation of the Petroleum Exporting Countries (OPEC),” which will see its influence on the global energy market diminish in the long run, the expert said.

At the same time, Ramírez said, Russia will embark on the race to consolidate its position as a major global actor on the basis of its energy resources; Canada will emerge as a world oil power; and the United States, its supply secure, could feel freer from the vagaries of Middle East conflicts.

Can’t happen soon enough.