U.S. oil production has enjoyed a 60% increase over the last six years, mainly due to fracking, which allows the extraction of shale oil from the massive Bakken Formation in North Dakota and the Eagle Ford Formation in south Texas. The domestic oil boom is so great, in fact, that the U.S. has surpassed both Russia and Saudi Arabia in production. Dan Steffens, president of the Energy Prospectus Group of Houston, says the domestic oil boom is saving drivers a ton at the pump. “With what’s going on in the Middle East, I think [gas] would be five or six bucks [a gallon],” Steffens said. “If it wasn’t for the shale revolution, you’d be in big trouble.” Indeed, it’s much needed good news. More…