A report from the Welsh Affairs Committee says that shale gas fracking could create up to 74,000 jobs and save the UK about £800m per annum in energy costs.
The report also highlights the need to weigh risks posed to the Welsh environment by fracking, against the benefits to the economy.
"[The United Kingdom Onshore Operators Group] estimated that a 4% reduction in gas prices would provide an annual saving to the UK economy of £800 million. However, it believed gas prices could reduce much further if significantly more shale gas was produced than estimated," the report stated.
The report said that both the UK government and National Assembly for Wales must work with external companies to approximate how much shale gas is in Wales by the end of the year, but adds that it should take the environmental impact of fracking in the region into serious consideration.
"Shale gas offers a wealth of potential benefits for Wales, in terms of energy supply, economic benefits and employment, said MP David Davies, chair of the committee.
"We know there is some environmental risk: the UK and Welsh Governments must demonstrate that everything has been done to assess and mitigate that risk – both to the environment and Welsh people's enjoyment of it - before we move forward and maximise the benefits for Wales."
Gas exploration firm Cuadrilla said that fracking could cause traffic and noise pollution for up to two years.
"It is a relatively short term disruption, but it is disruption and it could be a significant amount of lorries for a short time. For a typical well site, you might have 15 lorries a day on average. You might have peaks that are higher than that, or you have might have fewer lorries," the report said.