Shale boom saved economy from recession: Energy secretary

Energy Secretary Rick Perry on Tuesday said the shale boom and technology saved oil and the global economy.

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“If you had not had the shale boom, the hydraulic fracturing directional drilling technology that's came to the marketplace, you would see well over $100 barrel of oil and most likely the world's economy in some type of a recession,” he told FOX Business’ Dagen McDowell.

Perry noted that although there are concerns about $55 oil, and would like to see it higher, the Energy Department is most concerned with "stability in the marketplace."

"That's where America and American producers have been so important to the stability of oil and gas prices," he said.

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