This article from CNBC is a nice overview of the geo political implications of the US shale energy boom. One of the main points made by Daniel Yergin is that Iranian sanctions never would have had impact, or even been in play, absent the shale opportunity in the US. The US has new shale oil production that is equal to the amount of Iranian exports pre sanctions! This new production has taken much of the sting out of any negative consequences of sanctions.
Speaking of Daniel Yergin, I had the privilege of hearing him speak yesterday in Cleveland and he is impressive. Two of his books (The Prize and The Quest) are must reads for the energy community. Yergin is unmatched in his ability to synch energy history with current trends. He would be a great Secretary of Energy. One of the more interesting aspects of his Cleveland talk was his reference to shale providing a new 100 year supply of natural gas to the US. At the same time, he acknowledged that the overriding global energy theme of shortages and surpluses should be expected to continue. The reconciling factors here are time and price.
Cleveland Clinic brought him into town as part of their speaker series. He did a great job in front of a packed room. The crowd of 300 or so was mixed in its response. Not everyone in Ohio is enthralled with the Utica and Marcellus shale opportunity.