The rising levels of gas and oil extracted from shale in the United States have stabilised international energy prices – the International Monetary Fund has found. Despite the disruptions seen in the geopolitical landscape, the increase in shale gas production has helped offset shortages, keeping prices lower than they would have been otherwise.
The International Monetary Fund emphasized in its report on the global economic outlook, the significant impact that shale revolution in the USA had on the economy. In the year 2000, shale gas accounted for only 1 per cent of American natural gas production. According to the IMF estimates, current exploitation of this resource represents approximately half of the total production of natural gas in the United States.
The impact of the shale revolution was such that it has significantly decreased U.S. imports of LNG from Africa, the Middle East, and Trinidad and Tobago. It has also decreased the demand for gas supplies from the neighbouring Canada.
In 2008 the United States imported energy resources to the value of 412 billion dollars. By 2013 this number fell to just 225 billion dollars. The IMF points out that the rising level of hydrocarbon extraction drives the economy of the United States. Thanks to the falling energy prices, U.S. companies have become more competitive internationally, while at the same time their competitors in Asia and Europe are struggling with the rising prices of feedstocks.
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