Near the end of last year, the public saw opportunities and problems with the shale energy revolution. On one hand, it was viewed to be largely beneficial to the U.S. as it could help the nation strengthen its influence in the global market and help the country become more secure and more prosperous amid its economic recovery.
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On the other hand, there were the alleged environmental dangers to the drilling technique known as hydraulic fracturing and some concerns over the regulation of the amount of the nation’s gas to be shipped abroad. Experts argue that a review of the nation’s current energy policies is necessary due to the new reality brought on by the new abundant supply.
Unchecked exportation of liquefied natural gas could negatively affect U.S. manufacturing and competitiveness due to demand shocks and price volatility, said Andrew Liveris, chief executive of Dow Chemical, in a report on CNBC.com. Naturally, the local industries want to reap the benefits of cheaper energy sources.
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However, pundits have pointed out that the shale revolution’s true impact lies in the effect that it may have on the oil market itself. By focusing on foreign policy and trade pacts that would stem from America’s new energy supplies, the nation could promote free-market principles on the oil market and gain enough influence on global gas prices, which would benefit all consumers.
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For updates on developments to the shale energy revolution, follow this Dr. Ali Ghalambor Twitter account.