Remarks by Senator Pete Domenici at the 2013 San Juan Basin Energy Conference

The emergence of hydraulic fracturing has fundamentally altered the supply outlook for oil and natural gas. For gas, current assessments suggest that domestic gas resources are now thought to be sufficient to support more than 100 years of demand at present levels of consumption. For oil, the U.S. production is projected to exceed that of Saudi Arabia within the next decade (roughly by 2020).

According to the Energy Information Administration, natural gas production from shale formations rose by more than 700 percent from 2005 to 2012. Also, in 2012, U.S. oil production reached 7 million barrels per day, the highest production level since 1992.