From the Institute for Energy Research:
Hydraulic Fracturing Saved Consumers Up to $248 Billion Last Year
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. President Obama’s insistence that “we can’t just drill our way to lower gas prices” has been proven dead wrong.
The U.S. energy renaissance has been driven by innovations in horizontal drilling and hydraulic fracturing. About 48 percent of U.S. oil, condensate and natural gas liquids production in 2013 came from shale formations produced using these technologies—up from 11 percent of U.S. production in 2008. Total production of these fuels from shale oil formations in 2013 was 4.78 million barrels per day. Nearly every barrel of new U.S. oil production is attributable to the use of horizontal drilling and hydraulic fracturing technologies.
This does not fit their narrative so we do not hear about it.
Hat tip to Maggie's Farm for the link.