How will shale gas affect the usage of oil in the future?

Before I come to the topic please read this: Shale Gas is being used extensively in the developed countries like the US. Obtaining Shale Gas is an easy process and requires less amount of time. But it comes with a cost. read more

The extraction and use of shale gas can affect the environment through the leaking of extraction chemicals and waste into water supplies, the leaking of greenhouse gases during extraction, and the pollution caused by the improper processing of natural gas. read more

Shale is only available in a few places on earth, mostly onshore. And the cost/barrel to produce shale oil is very high due to the use of hydraulic fracking and artificial lift. That’s why the drop in oil prices affects heavily shale oil producers. In terms of production rate, an shale oil well usually produces a couple hundred barrels or less. read more

Much has been said about the shale (oil and gas) revolution, but according to Christof Rühl, Group Chief Economist and Vice-President of BP, its real implications have yet to sink in. He points out, for example, that no detailed assessment has been made yet of its macro-economic impacts. read more