I have read an interesting analysis (commercial) on obama, energy and economics (I can share this with you but its a commercial letter that was intended to make people sign up for commercial analytics).
Bottom line was, obama is in the right place at the right time which will most probably make him to the most popular president of the united states in history.
LOL! While that goal actually shouldn't be a very hard target to hit, the mere luck of being in office when domestic oil production experiences a resurgence isn't likely to come close to that goal. And the reports that fraking can make the US energy independent, before or after 2025, is silly cheerleading. All the assumptions are to the unrealisticly-favorable end of the spectrum, including growth patterns in domestic demand itself.
Also, this new tech doesn't actually grant us more oil than we had, it just means that more of it is extractable. That does
not mean that all that is extractable is economicly viable, much less a net-positive energy gain. Much like how corn based ethanol takes about as much energy to create as is extractable, there is a point at which it becomes counterproductive energy-wise to continue to extract more oil from the ground & refine it to a point that it's usable in current engine technology. There is no doubt that more oil is extractable with fraking, but not all of that is of a quality to make that worthwhile. The Tar sands oil is one example, it's of a particularly low quality that requires much more effort in refinement than what is commonly available from OPEC.
Furthermore, the ills that way upon the current economy have little to do with the availablity of energy, and much to do with the final stages of faulty economic theories used at national levels. Europe will break apart again, and the cost of oil isn't going to matter a great deal on that front. When this happens, the US will also be stressed to great levels. The global economy is far to intergrated these days in order for the US to 'decouple' from Europe in the way that we did following WWII. This one's going to hurt no matter what the price of oil is.
I agree that the talk of energy independence is in about 15 years is probably over exxagerated, but you should go see the things they are doing in the Bakken and Three Forks formation up in ND and Eastern Montana. New wells are coming online every single day. If the geologists are correct ND has larger reserves than Saudi Arabia. The Three forks formation was just discovered a few years back, so technically the US was "granted more oil". Further the oil from these formations is as high quality as anything coming out of the middle east and far superior to the tar sands. Wells in this area typically produce oil for approximately 30 years. In fact there are wells still in operation from the last oil boom in the early 1980's. Hydraulic fracturing is not what allowed the expansion of drilling in this area, but a technique know as horizontal drilling. Fraccing was used in the area during the last boom too. With the new technique, essentially the well is drilled down two miles and then is drilled two miles horizontally through the formation. Fraccing is then used to release the oil from the shale.
You mention that this oil may be uneconomical to recover. This is only partially true. While a well is expensive to drill the costs are recovered in the first few months of operation. The cost of this oil comes from transport. People I have spoken with peg it around $22 a barrel to ship due to lack of pipeline capacity, meaning most of the oil is shipped by rail. As long as oil prices are high this isn't a problem. However should the price fall it could become economical due to shipping concerns. The proposed Keystone XL pipeline was supposed to have a load station in montana for some of this oil. However, many people in the area speculate it was nixed due to pressure from Obama's good friend, Warren Buffet. Berkshire Hathaway owns a 100% stake in Burlington northern Santa Fey railroad that benefits greatly from the increased rail traffic.