Low oil prices will test US oil industry revival

Cheaper energy prices will slow but not stop the American oil and gas revolution

Sometime in December if all goes to plan a vessel carrying liquefied gas will leave Louisiana, destination as yet unknown. The test cargo, from a converted plant at Sabine Pass, will mark the start-up of LNG exports from the lower 48 – and confirm the most remarkable turnaround the oil and gas industry has seen in decades.By now, everyone is familiar with the upheaval seen in US energy in the past decade, but the bare facts are worth stating. Ten years ago, a natural gas supply crunch was imminent, prompting legislation to speed construction of dozens of new LNG import terminals. Domestic oil supply was dwindling and demand had reached a record high. In 2005, Americans were buying almost alm