This chapter sets the stage by detailing the 'triple premium' America enjoys thansk to its energy revolution: low energy prices and an economic boost; a reduced carbon footprint underpinned by simultaneous economic growth; and a gain in international security and geo-economic standing. It then turns to Eastern Europe and argues that a high import dependence on Russia gas, infrastructure legacies from Communist times, and a distinct historical setting gave rise to energy security concerns in the region. Next, it embeds shale in the context of European gas market dynamics and suggests that in addition to helping energy security unconventional gas may also strengthen competitiveness. The chapter also disentangles EU energy policy as being a matter of both supranational level decision making and persisting national prerogatives, before finally turing an eye on the ‘above ground factors’, and the differences between the U.S. and Europe when it comes to the regulatory governance of shale.