In just a few months the price of oil dropped $20 from $100 to $80 a barrel thanks to hydraulic fracturing (aka fracking). This, in turn, helps give a boost to the economy and some relief to holiday travelers. That is the conclusion of a report issued by energy experts with management consulting services company ICF International as reported by The Daily Caller. Without the drilling method, the report also points out, oil prices would be as high as $150 a barrel.

Energy experts at ICF International estimate that “international Brent crude oil prices would have averaged $122 to $150 per barrel in 2013” without the massive increases in oil production from fracking. Instead, oil prices have fallen to around $80 per barrel and are projected to fall even further — maybe even to $60 per barrel.

“Given the international nature of U.S. petroleum product movements, ICF also estimates that 2013 U.S. petroleum product prices were between $0.29 and $0.94 per gallon lower than they would have otherwise been without” fracking, ICF reports.

“This reduction in petroleum product prices have saved U.S. consumers an estimated $63 to $248 billion in 2013 and estimated cumulative savings of between $165 and $624 billion from 2008 to 2013,” ICF notes in its report that was prepared for the American Petroleum Institute — the country’s main oil and gas lobbying group.

Not surprisingly and despite the huge benefits resulting from fracking, environmentalist groups are ardently opposed to the idea. They claim that fracking contributes to climate change, causes earthquakes and pollutes ground water (all of which is not true). They have gone so far as to support local ordinances and ballot initiatives banning fracking in municipalities. A handful of counties and cities have banned fracking as of the November elections including Denton, Texas home of President Dwight D. Eisenhower.

Attempts to outlaw hydraulic fracturing won’t last. The drilling method is not only a boon for local economies but the ICF International study demonstrates that fracking helps oil companies to extract more oil which leads to lower prices at the pump. It has also been hypothesized that lower oil prices will help the environment since oil companies have less of a reason to remove oil from oil fields considered risky. Will that matter to the eco-facists? Probably not.