Heavy hitters on both sides of the natural gas debate warned senators Tuesday that the natural gas boom could fizzle if the U.S. takes the wrong tack.

The goal, Senate Energy and Natural Resources Chairman Ron Wyden (D-Ore.) said, is to allow the U.S. to reap the benefits of natural gas development and exports while protecting consumers and reducing the trade deficit.

"We're going to look at all of the possibilities to find the sweet spot," Wyden said after Tuesday's hearing, the first the committee has held this session.

The U.S. is in the midst of a shale revolution, with fracking making accessible deposits of gas trapped deep in shale rock that a decade ago were unreachable.

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