The fracking boom of the last decade has not only increased production levels of American energy resources, but has also majorly impacted global energy prices. A report from the American Petroleum Institute found fracking dramatically improved the U.S.'s energy capabilities, saving consumers between $165 and $624 billion in just a five-year period from 2008 to 2013.
Further, the API predicted the price of oil per barrel would likely be between $122 and $150 without fracking. Currently, the selling price for a barrel of Brent crude oil is $79.68 as of Nov. 24, according to Oil-Price.net.
On a personal level, consumers have saved nearly $1 per gallon at the pump due to fracking's production capacity. While global markets grapple with economic volatility and changing demand, the U.S.'s drilling methods have altered the entire energy landscape of the world.
"Consumers saved between $165 and $624 billion in energy costs from 2008 to 2013 due to fracking."
Fracking in shale regions has been a highly lucrative business, with new innovations propelling the energy industry forward. Large deposits of natural gas that were previously unattainable are now able to be accessed by new fracking methods like horizontal drilling. The U.S. Energy Information Administration noted fracking has enabled shale gas to make up the majority of all natural gas produced in the country.
The U.S. is already the leading producer of natural gas in the world, according to British Petroleum. And with fracking technology advancing daily, the possibilities for American energy production appear to be limitless.
Colder temperatures covering many parts of the U.S. will cause the consumption of natural gas to increase considerably during the winter, though fracking has produced enough gas to heat millions of homes throughout the country, while keeping prices in a reasonable range.
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