Happy Monday! If you're looking for some encouragement, check out this bullish article about imminent American energy dominance. We've got the right combination of geography and culture to harness oil and natural gas resources that no one else in the world can touch.

"We're just fifteen years into a 150-year process," said Steve Mueller, head of Southwestern Energy, the fourth biggest producer of gas in the US.

Our buddy Putin in Russia is worried.

Russian president Vladimir Putin warned at the St Petersburg economic summit last year that US shale gas was abruptly changing the international order, with serious implications for his country. The early effects have forced down global LNG prices, creating a rival source of gas supply in Europe.

Any future American cargoes would further erode Gazprom's pricing power in Europe, and erode the Kremlin's political leverage. The EU already has a large network of import terminals for LNG.

Lithuania has just finished its "Independence" terminal, opening up the Baltic states to LNG. Poland's new terminal should be ready this year.

Russia has the gepgraphy, but not the know-how or culture to support fracking.

Lukoil analysts say Russian extraction costs for shale are four times higher that those of US wildcat drillers. Sanctions currently prevent the Russians importing the know-how and technology to tap its vast Bazhenov basin at a viable cost.

John Hess, the founder of Hess Corporation, said it takes a unique confluence of circumstances to pull off a fracking revolution: landowner rights over sub-soil minerals, a pipeline infrastructure, the right taxes and regulations, and good rock. "We haven't seen those stars align yet," he said.

Above all it requires the acquiescence of the people. "It takes a thousand trucks going in and out to launch a (drilling) spud. Not every neighbourhood wants that," he said.

Certainly not in Sussex, Burgundy, or Bavaria.

The 21st Century will be another American Century.

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