"A lot of investors from other parts of the world, particularly the oil-rich parts have been making somewhat high-risk investments in the United States for many years and, for a long time, those investments were in real estate.
Now these people have shifted their focus and are putting cash into shale. There are two important things going on here, one is that the capital isn't going to last forever, especially since shale gas is a commercial failure. Shale gas has lost hundreds of billions of dollars and investors will not keep on pumping money into something that doesn't generate a return."
Arthur Berman has made quite a name for himself as a shale gas gadfly (or gasfly?), and he has been beating this drum for some time now. I don't have any special insight into the legitimacy of Berman's observations, but I have seen reports from producers that appear to show that the only shale gas play that can come close to making any money at current gas market prices is, or was, the Marcellus. On the other hand IMO if one is able to acquire natural gas assets at a price that reflects current market conditions, there are likely to be above average profits in the future.