Every year, the Federal Energy Regulatory Commission (FERC) issues a state of the market report reviewing significant events of the past year. This year, the agency addresses what it characterizes as a new gas paradigm:
Not that long ago, it would take several months from the start of drilling to initial production. Average-time-to-drill in 2009 was about 20 days. Nowadays, production is almost certain before drilling begins, and well efficiency increases as producers learn the particular nuances of a given play. Because shale production has many of the characteristics of gas in storage, companies have greater flexibility to produce gas when the market calls for it. Production can be deferred without risking the integrity of the well. Ending long production lead times and the risk of failure or loss may dramatically temper the gas market's systemic boom-and-bust cycle.
For a complete copy of the report, see here. Review it all - it's pretty interesting.