We hear lots of talk about independence from foreign oil, but with the massive influx of natural gas is it possible we might see energy independence in other areas?
The Kremlin is watching, European nations are rebelling, and some suspect Moscow is secretly bankrolling a campaign to derail the West’s strategic plans.
It’s not some Cold War movie; it’s about the U.S. boom in natural gas drilling, and the political implications are enormous.
Like falling dominoes, the drilling process called fracking, is shaking up world energy markets from Washington to Moscow to Beijing. Some predict what was once unthinkable: that the U.S. won’t need to import natural gas soon, and that Russia could be the big loser.
“This is where everything is being turned on its head,” said Fiona Hill, an expert on Russia at the Brookings Institution, a think tank in Washington. “Their days of dominating the European gas markets are gone.”