âFueling Freedomâ author Kathleen Hartnett White says the U.S. is sitting on $50 trillion in oil and gas, but the government is stopping us from getting at it. Why is the government blocking access to Americaâs abundant resources and preventing the country from becoming energy independent?
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âYes, itâs quite a big number and itâs the governmentâs number if you combine all of the Department of Energyâs estimates and I might add it also includes coal,â White told the FOX Business Networkâs Stuart Varney.
White said the shale revolution is a key factor in improving access to those energy resources.
âThe shale revolution is misunderstood. Its demise has been overestimated. While 60% of the rigs are gone from the fields, we still through 2015 maintained record production levels. And whatâs happened is that select wells on the basis of rapidly improving technology are increasing productivity and cutting costs,â White said.
This shale revolution, according to White, has been a game changer for the U.S. energy sector.
âThe real victory of the shale revolution is access to what geologists call the source rock where the bulk of hydrocarbons lie,â said White.
This access is a huge leap compared to the oil and gas available through traditional wells.
âConventional wells may get out only 1%-10% of the oil and gas resource in a geologic formation. The shale revolution through fracking and other high-tech technologies has given us access to the mother load of oil and gas resources,â White said.
And because of that White said America âcan now credibly talk about sustainable oil.â