US SHALE BOOM:

Hydraulic Fracking and horizontal drilling are the two new technologies that have emerged in the United States and Canada since 2008, for the extraction of oil from shale formations. This breakthrough revolution was discovered under the Bakken Formation in the states of North Dakota, Alberta gooey oil sands in Canada and another site was Texas in the US. Shale is that kind of sedimentary rock made of solid bituminous materials. When pyrolysis is used chemically to heat these rocks, petroleum like liquid flows out. After millions of years of fossilization, this rock can be used to extract crude oil as done through multi-stage hydraulic fracturing. Now the total global crude oil extraction is around 75 million barrels a day, and US started producing 4 million extra barrels a day, which was quite a big amount. This discovery couldn't produce huge ramifications owing to the Middle-east crisis of Arab Spring and civil wars in Libya. Geopolitical uncertainties came to a slow pace, and by mid 2014 the increasing supply of oil kept growing, lowering its value.