A new report that predictably found huge potential natural gas supplies in the U.S. also contained news its own writers found surprising - that oil is more abundant than they thought.
The study released Thursday by the National Petroleum Council, a collection of industry, academic, government and other officials convened by the secretary of energy, touted how advanced technology has unlocked vast formations of natural gas previously deemed uneconomic to tap
But the report also said the same drilling and production techniques that opened up shale gas - combined with success in the deep-water Gulf of Mexico, the Canadian oil sands and even surges in conventional oil onshore - are improving the nation's potential to be more self-reliant for oil, according to the report.
"Contrary to conventional wisdom the North American oil resource base also could provide substantial supply for decades ahead," the report said.
By 2035, oil from shale formations - also referred to as "tight oil" – could produce 2 million to 3 million barrels of oil per day. That includes plays such as the Bakken shale in the Northern U.S. and the Eagle Ford shale in South Texas.