Daniel Yergin, Vice Chairman of S&P Global, says energy independence is more important now than ever in today's geopolitical environment -- and the shale revolution helped the U.S. achieve it.
"The effects of the shale revolution on the trade position of the United States are striking," he writes. "Using 2007 as the baseline comparison, the U.S. trade deficit in 2019 was $309 billion lower than it would have been if there had been no shale revolution. Without shale, the United States would have continued to be the world’s largest oil importer.
"Putin reacted so vehemently because shale gas was also becoming a matter of geopolitics," Yergin goes on to explain. "For shale was a challenge for Russia, at the time the world’s largest producer of natural gas, as well as the major supplier to Europe."Without U.S. shale, not only would the U.S. be in a tough spot today, but European allies would be in a worse fix.
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