America's Return to Independence

Economic Boom by Oil Shale and Shale Gas Production   Conventional Oil is identified and defined by the World Energy Council (2007) to exclude the following categories: oil from coal, shale, bitumen and Extra-Heavy Oil.   This report will strictly address the economic advantages of mining shale, particularly for crude oil and natural gas. Total world resources of shale oil are conservatively estimated at 2.8 trillion barrels. Shale Fracking Since 2000, shale beds went from providing 1% of America’s natural gas supply to nearly 25% today. Most of that production increase is due to the growing popularity of hydraulic fracturing [fracking].   Fracking is a process used to release oil or gas from underground formations that are otherwise too difficult to mine.   Fracking technology advances in the last few years has made it economically feasible to tap the tremendous reserves of natural gas in the United States.   With crude now over $100 a barrel, the shale in...