The large increase in US gas supply has led to a falling gas price, which to a considerable extent has displaced coal in US power generation, to such a degree that US greenhouse gas emissions have fallen below its Kyoto obligations.

The American coal surplus is in turn exported to Europe, where the cheap American coal displaces natural gas in European power generation. As a consequence of this (and of other factors), massive numbers of European gas-fired power plants, some of them brand new, have been mothballed.

Peak oil is not an energy crisis. It is a liquid fuel crisis.