Where Would The U. S. Economy Be Without Unconventional Revolution?

Breakthroughs in producing oil and gas from shale source rocks and very tight reservoirs through the combination of horizontal wells and multi-staged hydraulic fracturing have delivered the most dramatic increases in domestic gas and oil resources in my generation. IHS estimates that shale plays were the prime source that boosted US recoverable gas resources from about 1270 Tcf in 2000 to almost 3000 Tcf by the end of 2012. This is more than a 100 year supply at current levels of gas production. Tight oil plays, such as the Bakken and Eagle Ford, have reversed a decades-long slump in US oil production. The US has led the world in increasing oil supplies since 2008 and is projected to establish a new all-time record high oil production before 2020. Production from tight oil plays is projected to contribute about 5 MMb/d or more than 40% of US oil production by 2020.
Former Secretary Kenneth L. Salazar- Department of Interior DOI said that Despite all the progress made in unconventional oil and gas production - there remain some challenges on the path to sustaining this revolution even as oppositions to the technology that brought this revolution are on the rise. He said, “Hydraulic fracking is safe as there are no know environmental pollution to anyone”. He called on all stakeholders to take a cue from the Macondo event and see what collaboration has brought to the Gulf of Mexico GOM. In his words, we have the safest place to explore oil and gas in the world”