It is remarkable how quickly things change. Only 12 months ago shale gas production was transforming everything in the US, from manufacturing competitiveness to traditional import and export flows and even longstanding geopolitical arrangements. In Europe, shale exploration was being debated in almost every European Union country, with shale gas often seen as the only solution to Russian energy dependency. Today Russia is in recession; crude oil prices have plummeted; shale exploration has been put on hold in most European countries; and current economics favour dirtier forms of energy such as coal, putting government policies that favour renewables under new scrutiny.
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