Although the U.S. energy industry—which has soared to unexpected heights in recent years—is facing one of its first major hurdles since the heady days at the start of the shale revolution, analysts at Deloitte LLP are optimistic about the field ahead.

Since the summer of 2014, West Texas Intermediate and Brent prices have dropped more than 40%, potentially driving problems throughout the energy value chain from upstream through the downstream.

However, John England, vice chairman and U.S. oil and gas leader at Deloitte, said that during the global recession that started in 2008, the U.S. continues to benefit significantly from the North American energy renaissance, which lowered manufacturing costs, boosted employment and attracted investment to the U.S. economy.

In a white paper for the Deloitte Center for Energy Solutions, England said, “The North American energy renaissance and U.S. shale revolution are more resilient to price pressures than commonly understood.”

During the last two years, the industry has produced more innovative technology and better economics: specifically, new wells are drilled faster, completion times have decreased and completed wells are more productive.

Integrated companies will benefit from their vertical integration in the downstream, he said.

“The supermajors have the ability to take a longer view than the current price cycle. Over the longer term, the price reverts to the mean and having been through boom and bust price cycles before, they are able to plan beyond price fluctuations and invest today to bring tomorrow’s production to market,” he said. “With that in mind, the current price cycle should not significantly impact their long-term plans.”

U.S. crude production was on track to reach 9 million barrels per day in December 2014, the highest level since 1985, and despite the volatile commodities market, producers are set to push production even higher in 2015, he said.

All of which could set the stage for a stronger case by those pressuring the administration to consider crude exports.

“It strengthens the case made by producers—that their production should be able to find the most optimally priced market,” he said. “However, U.S. refiners will remain opposed to lifting the ban on crude exports. Although refiners are struggling to find an export scenario with overall benefits, over the long run they may not find it as disadvantageous as currently feared.”

Ultimately, it will be up to the president and Congress to decide whether to lift, or lessen, the ban on crude exports, England said, “but the antipathy between the two sectors of the industry on exports may be overstated.”