This Great Graphic was from Thomson Reuters who got it from National Geographic. It shows how through hydraulic fracturing, or fracking, natural gas can be extracting. The environmental risks are also presented here.
The use of fracking and the greater exploitation of natural gas, coupled with greater oil production means that the era of relatively cheap energy in the US will be extended.
Cheap energy coupled with relatively low unit labor costs underscore the competitiveness of the US economy.
Cheap energy may not, though, be the unadulterated blessing that it may seem. The risk is that the cheaper fossil fuels will dilute conservation efforts and the development of renewable sources of energy. It may mean that businesses elsewhere, like Germany, China and Israel may have an advantage if one takes seriously the race to build a low carbon economy. Moreover, if part of the reason for low carbon economy is concern about the environment, fracking may ultimately be leading us in the wrong direction.