Shale revolution. Technological break or the project?

Sergey Belenchuk ()

RSUH/RGGU BULLETIN. Series Economics. Management. Law, issue 4

Abstract: The article discusses the history and development of the so-called shale revolution in the United States. The author proves the thesis that the shale revolution largely is a project controlled by the State and, without a doubt, by the financial sector. One of the most important instances - deliberately expressed uncertainty factor characterizing the key indicators of the sector of shale hydrocarbons (primarily reserves and cost). In addition, the shale revolution was largely financed by the Federal Reserve during the period of cheap money by borrowing in the format of “junk†bonds and high-risk loans.

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