The US Gas Boom Transforming Global Oil Markets

The New Shale Rush: From the icy wastelands of North Dakota, an energy revolution is transforming global politics.

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In North Dakota, the extraction of shale has enabled a huge reduction in the price of gas. This energy revolution is already shaking the global economic stage. But what are its long term consequences?

Williston is a boom-town in every sense of the word. By night the city shines brighter than New York, as flare-stacks burn off excess gas. By day it's swamped with new arrivals, keen to join the new gold rush. "If I could get you driving a truck, you could probably make $100,000 dollars a year." Economic developer Tom Rolf is proud to live in the only recession-proof town in the US. But as space becomes scarce tensions are bubbling to the surface. One local is distraught: "We shouldn't have to suffer when the government is making trillions". And the worries aren't limited to local concerns. As the US begins freeing itself from dependency on Middle-Eastern oil Europe frets over where it will get its energy supplies in the future. European expert Rob de Wijk explains, "This is also about the safety of Europe in connection with what's happening in the Middle East. We're on our own now."

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