It is common knowledge that we have been reliant on foreign markets to supply us with oil for many years. Not long ago, we were also considering a future in which our economy would, to some extent, depend on natural gas from abroad.

It was a sobering prospect for a nation already dealing with trade imbalances and volatile energy markets heavily influenced by shifting political winds around the world.     

But a quiet revolution has taken place over the past eight years and, while many may not have noticed, it has been a powerful storm of change ignited by technology. From that revolution will come the freedom and flexibility to chart our energy future and preserve our economic stability for decades.

By applying long-established techniques known as horizontal drilling and hydraulic fracturing, we have discovered how to tap into shale - a tight, stingy black rock, rich in hydrocarbons and prominent throughout North America.

Using water pressure, we have shattered deep shale formations, released natural gas from within and ultimately opened the door to a new paradigm that will supply our nation with natural gas for the next 100 years.

Technology has carried us a long way in a short time. At the beginning of the 2000s, we were experiencing year-over-year natural gas production declines in the United States. By the end of the decade, we were seeing year-over-year growth due to the revolution in shale.

This is good news for our industry and good news for consumers, and it could place our nation on a path to a far greater level of energy independence.
Our nation's energy infrastructure is massive and complex. Change will come slowly, but we are already beginning to see glimpses of the future.

According to the U.S. Energy Information Administration, natural gas will fuel fully 80% of new power generation slated to go on line between now and 2013.  

It is easy to understand why. Natural gas is cleaner than coal, enabling easier compliance with new air quality mandates. It is safe and affordable, and abundant supplies reduce the risk of price volatility. Shale has also made natural gas viable as a transportation fuel that is 30% cleaner than oil.

The "Nat Gas Act" proposed in the United States House and Senate last year continues to gain momentum. The measure would encourage the conversion of heavy trucks and buses to natural gas and lower U.S. dependency on foreign oil.

Plans are under way that may soon see America become a liquefied natural gas exporter. Last September, the government approved such a terminal in Cameron Parish, La. Upon completion, it would be the first export location in the lower 48 states. That is a dramatic change from a decade ago, when we were building import terminals for liquefied natural gas to supplement falling domestic production.

The revolution is bringing substantial change, and it is far from over. But one thing is clear: revolutions can be messy, and there are many challenges to overcome.

The industry and Wall Street have over invested in a drilling boom that is adding natural gas production to an already bloated gas market, propelling field service costs to new highs and driving natural gas prices to unsustainable lows.

At the same time, the long-established and trusted technologies that have driven the natural gas revolution are being scrutinized by special interest groups opposed to fossil fuels. In response, the Environmental Protection Agency has launched its third study of hydraulic fracturing since 1995; the first two having both confirmed the safety and efficacy of the technology.

Meanwhile, instead of supporting the natural gas revolution, the Obama Administration continues to look to the oil and gas industry as a funding source for its ongoing federal spending agenda.

The president has proposed elimination of tax deductions for expenses incurred in bringing on domestic oil and natural gas production. Recently, he also proposed a new $50 billion economic stimulus program to revamp the nation's transportation infrastructure - to be paid for by taxing the oil and gas industry.

These new taxes would diminish the industry's ability to fund capital intensive drilling programs and would ultimately lead to lower production, lower supplies, higher prices and lost jobs.

We hope the new Congress and our administration embrace this shale gas revolution and recognize the benefits of an industry capable of delivering vast quantities of safe, clean, affordable and American natural gas.

Because of shale and because of technology, natural gas is positioned to serve as the foundation of a diverse energy portfolio that will propel our economy through the next century.