The revolution in oil production via the fracking method was one of the biggest factors in the huge oil price falls in 2014.
Opec tried to flood the market and break the back of the emergent shale oil industry in the US. Now reports suggest that the shale output from the Permian Basin in Texas is expanding faster than anyone thought possible.
The scale is poised to neutralise cuts in output agreed by Saudi Arabia and other Opec members last November. Experts in natural resources are predicting that the shale oil fields in Texas will be producing 10 million barrels a day within 10 years time.
For us consumers on the ground it should mean that oil prices will be kept low, and that the stranglehold that Opec had on the global oil production, will be a thing of the past.
Mind you the green implications for the ongoing oil production may not be as rosy a scenario!
