Six bucks a gallon? Where gas prices might be without the U.S. energy boom

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Watchdog.org:

If you think the price of gas is high, imagine paying up to $6 a gallon.

 

That’s what energy expert Dan Steffens thinks the price could be if not for the domestic oil boom.

 

“With what’s going on the Middle East, I think it would five or six bucks (a gallon),” said Steffens, president of the Energy Prospectus Group out of Houston. “If it wasn’t for the shale revolution, you’d be in big trouble.”

 

Technological breakthroughs in recent years have led to an explosion in the energy industry in the United States.

 

Just how did fracking save American drivers from $6 gas?

 

Extraction from shale rock formations in places such as the Bakken Formation in North Dakota, the Eagle Ford Formation in south Texas and the Permian Basin in west Texas and eastern New Mexico has been so dramatic that, last month, the International Energy Agency announced the U.S. surpassed Russia and even Saudi Arabia in oil production.