Innovations in hydraulic fracturing and horizontal drilling that have driven the energy renaissance in the US were responsible for about 48% of the nation’s crude oil production and shaved as much as 94¢/gal off of fuel prices in 2013, according to a recent report commissioned by the American Petroleum Institute. “For the first time in generations, surging domestic production is driving our energy security and creating large benefits for consumers,” said Kyle Isakower, API vice-president, regulatory and economic policy. “Over the last 5 years, nearly every barrel of new US production can be attributed to the use of horizontal drilling and hydraulic fracturing technologies, and that production is reshaping global markets in a way that is strengthening the US both economically and diplomatically,” Isakower told reporters during an Oct. 30 teleconference. The study, by ICF International , compared […]