This could mean cheaper gas and a lower heating bill.
Reed said not too long ago, there were immediate spikes in oil prices with corresponding impacts at the pump.
However, he says oil prices now remain relatively stable, even during a time of conflict in the Middle East.
Reed said this means there will be more money in taxpayers’ pockets.
"As we support the development of our natural gas and oil domestic reserves through hydraulic fracturing just as long as it's done safely and responsibly...I think that has a lot to do with contributing to keeping the oil prices stable,” said Reed.
Reed said he continues to support an "all of the above" energy approach to the domestic needs of America.
He added that although we don't have this policy from Washington yet, we are getting the benefits of oil and natural gas through hydraulic fracturing throughout the country.