Increasing Oil and Gas Reserves

How much has hydraulic fracturing and associated technological improvements in oil and gas development affected the economics of energy? In August of this year the Energy Information Administration reported a record increase in proved reserves of oil and gas in 2010.  Here are the relevant graphs:

 

Technological improvements deserve most of the credit, though higher energy prices, and the resulting incentive for increased exploration, played a role as well. This illustrates the potential significance of hydraulic fracturing.