Using historical price and production data for the years 2008 to 2013, 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.[1] President Obama’s insistence that “we can’t just drill our way to lower gas prices” has been proven dead wrong.
