According to the Institute for Energy Research, consumers can thank fracking for putting a lot of money back in their pockets:
…a new study has found that hydraulic fracturing and horizontal drilling applied to shale oil formations saved consumers between $63 and $248 billion in 2013 (and a cumulative savings between $165 and $624 billion.) Without these technologies, international crude oil prices would have averaged $122 to $150 per barrel– $12 to $40 a barrel more or between $0.29 and $0.94 per gallon more on gasoline and other refined products. President Obama’s insistence that “we can’t just drill our way to lower gas prices” has been proven dead wrong.
The U.S. energy renaissance has been driven by innovations in horizontal drilling and hydraulic fracturing. About 48 percent of U.S. oil, condensate and natural gas liquids production in 2013 came from shale formations produced using these technologies—up from 11 percent of U.S. production in 2008. Total production of these fuels from shale oil formations in 2013 was 4.78 million barrels per day. Nearly every barrel of new U.S. oil production is attributable to the use of horizontal drilling and hydraulic fracturing technologies.
The evidence is clear that fracking is creating jobs around the country. Now this new study shows just how much consumers are benefiting from it, too.
Energy Citizens have been steadfast supporters of fracking, even in the face of intense pressure to shut it down. We need to keep up the good work to ensure that fracking remains a viable way to access our nation’s abundant energy resources. If we do, consumers will be seeing the benefits for decades to come.