Industry group ups its estimate of US natural gas potential by 26%.

The new report projects the amount of gas that can be recovered with existing technology, but it doesn't address whether the gas could be produced at a reasonable cost. The estimate of 2,384 trillion cubic feet represents more than 90 times the amount of gas consumed in the U.S. last year, according to federal data.

It will be some irony if history looks back upon the Obama years and assesses the most important economic event of his presidency as … the huge swinging comeback of the US oil and gas industry.