of the initial American shale play, Bakken/Three Forks in N-Dakota and Montana could become a big Persian Gulf producing country within the US. But there are more than 20 big shale formations.”
That's why Goldman Sachs, the most dominant investment bank in the world, is now predicting that Americal the good ole US of A, will outpace Saudi Arabia in oil production before the end of this decade.
In 2011, the US saw a new all-time high amount of natural gas production. We're not running out of fossil fuels.
Prices, naturally, have fallen to decade lows in response to the massive increases in natural gas supply.
The exact same thing will happen next to oil !
The same technologies, horizontal drilling, hydraulic fracking, are now at work