Innovations had been the driving force for major economic
growth and also for major economic recoveries. US, post the global meltdown in
2008 has staged a smart recovery in year 2013 and Shale gas exploration has
been the key driver of this transformation.
According to Deloitte , recent breakthroughs in horizontal
drilling and hydraulic fracturing technologies have resulted in tremendous
access to vast domestic energy reserves at a relatively low cost; and, thus
contributing to one of the most important trends in the United States today.
The transformation of being a major natural gas importer until
few years back to becoming self sufficient, has lead to 100’s of billions of
dollar savings for the US economy on its annual imports. Interestingly this
could be one major driving factor for US to bounce back on manufacturing too.
With Natural gas prices surging in the recent decade, the
need for alternative energy source was felt
largely across the world and US has succeed in finding a right technology to
source abundant availability of Shale gas and Tight oil.
This unconventional revolution in oil and gas did not come
quickly. Hydraulic fracturing—known as fracking—has been around since 1947, and
initial efforts to adapt it to dense shale began in Texas in the early 1980s.
But it was not until the late 1990s and early 2000s that the specific type of
fracturing for shale, combined with horizontal drilling, was perfected. And it
was not until 2008 that its impact on the US energy supply became notable.
The rise of US shale energy is also having a broader global
economic impact: American shale gas is changing the balance of competitiveness
in the world economy, giving the US an unanticipated advantage. Indeed,
inexpensive natural gas is fuelling a US manufacturing renaissance, as
companies build new plants and expand existing facilities.
The rest of the world is at disadvantage in exploring shale
gas due to regional factors, economic policies and domestic infrastructure
constraints. A global level collaborative strategy is required to tap the shale
reserve across the world, which can alter the energy security of different
regions thereby reducing the cost of energy substantially.
Today countries are taking independent initiatives on
exploration and are struggling to succeed on account of lesser techno capabilities
besides their internal constraints.
Natural gas, being clean source of energy compared to coal
and crude has the potential to mitigate the global warming risk and
environmental degradation. Global consensus and unified mission to replace
shale gas with crude oil will be the greatest service mankind can give to the
nature and developed nations should take the technology and the resources
across the globe to replace Natural gas to make the earth greener and cleaner.
The impact is already creating ripple effects in other parts
of the world. China having major shale reserve, is struggling hard to drill and
Europe is finding it expensive to explore while Russia is worried on their export
prospects and the third world has hardly made their first move.
It becomes the responsibility of US to enable the entire world
enjoy the benefit of the energy revolution through knowledge transfer which
will help the rest of the world become energy secured. Not only there is risk
of ever increasing global warming on account of conventional energy, but also the
availability of the same is continuously under threat as the next generation
will have to face the risk of energy security with depleting oil assets.
The rest of world had aligned to the take the throbbing if US
dooms, then they should also get the delights if US booms.
Let Fairness Prevail…..
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