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A few years ago, optimistic estimates claimed that Central and Eastern Europe possesses large shale formations that in theory seemed likely to produce great quantities of natural gas. In addition, the countries in the region had strategic incentives to develop a transparent domestic shale industry in order to reduce its reliance on gas from Russia. However, political and social factors as well as differences in physical characteristics, prevented the American experience from being replicable in Central and Eastern Europe. In the end, most multinational energy corporations announced that they abandoned efforts to find and produce natural gas from shale rock in Central and Eastern Europe. The paper discusses the impact of shale gas exploration on the quality of democratic governance by comparing and contrasting fracking regulations adopted in Central and Eastern Europe. The main research question attempts to identify the factors that influence a democratic and fair governance of public natural resources.