Horizontal drilling and hydraulic fracturing have boosted shale gas production from zero a few years ago to 10% of all US energy supplies in 2012, observes energy analyst Daniel Yergin. Fracking has also increased US oil production 25% since 2008 – almost all on state and private lands, and in the face of more federal land and resource withdrawals, permitting delays and declining public land production.
Though the number of gas rigs in service had been steadily falling, the remaining rigs that were still in use were pumping out much more natural gas than geologists had assumed.
AEI: "The higher costs of green fuels end up in household utility bills. That hurts lower-income families who are forced to pay a higher share of their wages on energy"
With the increasingly likelihood that Obama's health care law will be struck down in court or repealed next Congress, the administration has been working hard to cement another dubious legacy: the destruction of the coal industry.
When politicians want to look busy while avoiding tough decisions during an election year, what do they do? They form commissions and councils.
Gas hasn't been this cheap in 10 years. The peak above $13 per Mcf in 2008 is now a distant memory.