United States and Shale Deposits

technology: Crude oil and natural gas trapped in shale deposits were not possible to extract until recently because of the lack of technology, according to Asahi Shimbun. For a long time, the Middle East was the world principal source of crude oil. New technology has led to a boom in the development of shale oil and shale gas in the United States. But the United States seems likely to continue expanding its presence as an oil producer in the coming years. The global oil market has changed dramatically. Because of the expansion of shale gas and oil production in the United States and other factors, crude oil prices have fallen sharply since last summer, from levels well above $100 per barrel to around $60. (news.financializer.com). As reported in the news.