“Artificial” jobs created by subsidies and government inspired market distortions are never sustainable. As is being evidenced by the boom and bust of solar energy and wind turbines riding the wave of subsidies. But the advent of shale oil (and shale gas) is a game changer in many many ways. Fossil fuels are now no longer all “bad” (though some of this sentiment is leading to another inane “War on Coal”), and the fundamental truth that true sustainability – of necessity – requires being commercially sound and not just subsidised is taking hold again.
The US is at least 3 years ahead of Europe in exploiting shale gas and shale oil – even though the deposits in Europe are quite considerable. But Europe is still stuck in the self-righteous and self-delusional “green” policy regimes which have raised energy prices unnecessarily, helped to sustain economic stagnation and have prevented some 15 million jobs from being created. Without a paradigm shift in energy policies and a whole-hearted pursuit of shale gas and nuclear power, Europe’s return to sustainable growth is difficult to define.
Thanks to the U.S. shale energy boom, the once-quiet niche of U.S.-flagged oil tankers is in unprecedented flux.
A half-dozen vessels that typically carried gasoline to Florida are now rushing crude oil along the Texas coast. Major investment at the port of Corpus Christi, which now exports more than half of all Eagle Ford shale oil, suggests more to come even as new pipeline projects promise further market shifts.
The shale oil revolution, now in its third year, has already scrambled the inland U.S. crude market, forcing pipelines to reverse direction and fuelling a revival in railway oil trade. …..
The k2p blog 