From the comments section:
Hydrofracking has been around for 50 years. It only emerges when the price of oil gets high enough to justify it’s use. If a miracle happened and oil prices dropped the hydrofracking industry would collapse.
I think that is probably correct. It costs more to bring oil out of the ground here than the Middle East, so higher prices will bring more supply from over here. However, if another way to run industry was found that didn't require oil, fracking would no longer be necessary.
If Obama was really "all of the above" as he claims, he would be pushing this technology instead of hindering it, just as Kudlow points out. When or if a new tech comes along, it may replace oil. But no sooner than that.
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