Yes, shale gas is there, but it is expensive to produce, and there is much, much less of it available at today's low prices than policy people, investors, and energy consumers are counting on. It is not a cheap and simple way to replace coal (in America), or Russian gas supplies (in Europe). I am, however, humbled in the presence of the marketing genius of the promoters who have convinced so many people to buy the story.
The "low price" he's talking about is the US gas price, which has been depressed precisely by... the massive development of shale gas.
Compared to European gas prices, it looks pretty interesting.
If it is developed in Europe on the American model, then (with some big assumptions : discovery/development/production prices comparable to the US, and large quantities available), then that might have the interesting effect of driving prices down, damaging Russia. If, on the other hand, it was developed as a strategic asset, it might, for example, replace brown coal.
But that would require a European energy policy. It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
