US shale gas production boom, Europe glut to alter the energy and oil landscape

Business Features 20 May 2012.

Henning Gloystein London

A boom in North American shale gas production in the past five years has resulted in sharp falls in domestic power and gas prices there and could turn North America from a gas importer into a large exporter, and a similar development is seen as under way in the oil sector.

“What happened in gas is happening in oil as we speak. The US will become a net exporter of oil and gas in the next decade and the global repercussions of this are unbelievable,” Daniel Jaeggi, the co-founder and head of global trading of Geneva-based commodities trading house Mercuria, said during the Reuters Global Energy and Environment Summit…