It is crucial to understand to what extent shale gas and oil in the United States are changing the global economy

The considerable increase in production of shale natural gas and oil in the United States is dramatically changing the functioning of the global economy: The United States is no longer a net energy importer; a fall in energy prices is positive for Europe, Japan, China and India, but has become negative for the United States; The United States imports less oil from the Middle East, which is markedly changing the geopolitical situation in this region; Oil and natural gas prices are much lower than th ose that would appear without US shale oil and gas, which boosts fossil energy consumption and growth in fossil energy-importing countries; The shale oil production cycle in the United States and the rapid reaction of production to oil prices have generated a short cycle in the oil price (around just over one year), with alternating years when the oil price is low and when it is high.