The true impact to global energy will be that with more shale oil there will be much more associated gas in North America which will push lots of new (and old) business models that revolve around cheap gas. Industry and manufacturing will flock back to where the gas is from Asia where cheap labor is not anymore, the transport sector will gasify, coal will get more inventive in how to use what they have or whiter away. Birol is right, we ain’t seen nothing yet.
We have not seen the full impact of the shale revolution yet. That’s according to Fatih Birol, executive director at the International Energy Agency (IEA), who made the statement in a television interview with Bloomberg on Wednesday.