Not in the greasy-pelican pollution sense, but in the magic of higher prices leading to increased production:
As an article last month in The New York Times observed: “Just as it seemed that the world was running on fumes, giant oil fields were discovered off the coasts of Brazil and Africa, and Canadian oil sands projects expanded so fast, they now provide North America with more oil than Saudi Arabia. In addition, the United States has increased domestic oil production for the first time in a generation.” Further still: “Another wave of natural gas drilling has taken off in shale rock fields across the United States, and more shale gas drilling is just beginning in Europe and Asia.”
A few years back, when oil was $120+ per barrel and gasoline was over $4 per gallon, the economically ignorant were concerned about the end of oil. Then the depression started and oil dropped back to the 60s for a while. The price of crude has drifted upward into the 80s over the past year. But the break-even price to make all those new fields viable was in the 40s.
So North American drillers kept working their plays.
With rising production from shale fields, the U.S. surpassed Russia last year to become the world’s largest supplier of natural gas.