There seem to be two kinds of views out there on the development of shale gas, which has already had a big political impact on supplying governments such as Russia.  On the one hand, we have the oracles of energy revolution declaring the dawning of a new age.  On the other, there is the more circumspect view, which also highlights fears that in the short term shale gas will push away or delay investment in LNG infrastructure and thus damage the potential for a future global spot market.  This latest one in the Wall Street Journal by Amy Myers Jaffe is definitely of the first view.

One of the biggest effects of the shale boom will be to give Western and Chinese consumers fuel supplies close to home–thus scuttling a potential natural-gas cartel. Remember: Prior to the discovery of shale gas, huge declines were expected in domestic production in U.S., Canada and the North Sea. That meant an increasing reliance on foreign supplies–at a time when natural gas was becoming more important as a source of energy.