GlobalPost: Shale gas tempts cash-strapped Europe

It's been more than 20 years since the last coal was dug out of the ground by the once-thriving mining communities of Belgium's Campine region.

Now there's hope of new riches beneath the area's sandy heathland.

The Campine is one of dozens of regions across Europe believed to be sitting on significant reserves of shale gas — the underground fuel that has revolutionized energy supply in the United States over the past decade. 

"The potential in Europe could be huge," says Professor Richard Davies, a specialist at Britain's Durham University and advisor to the industry. "We've got all the right sort of rocks."

Shale gas now accounts for more than 20 percent of US natural gas production, up from barely 1 percent in 2000. By the 2030s, it's share is expected to be over 50 percent.

The United States is on course to become self-reliant in gas. Its heating bills are already four times lower than European levels.  MORE