Global Impact of Oil Shale

Horizontal drilling and hydraulic fracturing of oil and gas shales has revolutionized worldwide oil economy. The price of oil has dropped 60 % and the U.S. oil trade deficit has been reduced by $300 billion per year. “Shale oil has propelled the US dollar to new highs even as it has cut OPEC export revenues by more than half.” Drilling and completion innovations have propelled the oil business and the world economy into the 21st century by unlocking shale reserves.