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Oil prices have been falling rapidly in recent months. Between June and December, they were down by more than half from $115 per barrel to less than $50. It is projected that the decline will continue over the coming months to hit $40 per barrel.
Thanks to the ?shale technology revolution?, major oil consumers have become major oil producers. The US, for example, the world?s largest oil consumer has become its largest producer, suggesting that shale has become a major game changer in global energy.
Indeed, it is still too early for the US to become a major oil exporter like Russia and Saudi Arabia, for example.