The Hamilton Project and The Brookings Institution. June 2012.

According to the authors, the United States is in the midst of one of the most significant transformations in the energy sector in many decades. This transformation is the result of the development of new recovery techniques, such as hydraulic fracturing (fracking), that have unlocked massive supplies of previously unrecoverable fossil fuels, primarily natural gas and, to a lesser degree, petroleum. Since 2007, natural gas supplies and production in the United States have increased dramatically, and the price of natural gas-powered energy has plummeted. Only a few years ago, many in the United States were concerned about the prospects of dwindling supplies of natural gas in North America; today, how to manage vast new reserves must be determined. The implications of this natural gas revolution will be profound and are only now coming into focus. [Note: contains copyrighted material].

http://www.brookings.edu/~/media/research/files/papers/2012/6/13%20energy%20greenstone%20looney/06_energy_greenstone_looney.pdf [PDF format, 24 pages].