Fareed Zakaria explains at the Washington Post how shale gas is fueling an economic revolution:
[The increase in shale gas production] might also help explain why high oil prices are not slowing down the U.S. economy as much as has been feared. Robert Hefner, a natural gas entrepreneur and author of “The Grand Energy Transition,” points out that the cost of heating 65 million American homes by natural gas has fallen $20 billion annually.
The environmental concerns are well taken. But the best studies out now — such as one by a committee that included the head of the Environmental Defense Fund — suggest that fracking can be done in a safe and responsible manner. Many of the riskiest practices are employed by a small number of the lowest-cost producers, a situation that calls for sensible regulation. Larger companies would probably welcome a set of rules, because they would want to follow best practices to protect their reputation and brand.