How the Shale Revolution Saved Europe From a Great Blackout

Pumpjacks and wells in an oil field on the Monterey Shale formation with gas and oil extraction using hydraulic fracturing, or fracking, on the verge of a boom, near McKittrick, Calif., on March 23, 2014. David McNew/Getty Images

Commentary

In October, the governments of Austria and The Netherlands warned of the risk of a “great blackout.” Soaring natural gas prices, lack of security of supply, and a challenging outlook for pipeline deliveries from Russia made the governments exceedingly nervous about the chances of providing cheap and reliable energy for homes in winter.