New fracking methods are transforming oil and gas extraction productivity, providing access to at least 167 shale oil and gas field deposits that are distributed among several states.

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These new methods are transforming oil and gas extraction productivity.

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"That's why we've been seeing the most rapid productivity rise since the oil shocks of 1974, " says Hausman.

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Business risks such as strikes, productivity or the failure of oil and gas exploration will in due course be covered as routinely as are property and workers' liability.

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It may be too early to call Utica the last big shale-oil deposit, in part because its productivity hasn't been proven, said Pete Stark, with energy consultancy IHS. But the Utica's size, geology and organic content make it "a promising play, " he said.

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And as we live in the most economically advanced country in the world, wherever oil is discovered, a lot of it ends up in the U.S. as a reward for our productivity.

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