Fracking technology can be used in other countries leading to limited oil price gains in future
Drillers know where the oil is and don't have to drill 15 times before they hit oil. 15 years ago it was a 50/50 percent shot. Today, drilling and hitting oil each time is a sure thing. And, with the advent of horizontal drilling, they can maneuver underground like never before.
Just because fracking is limited in the U.S. doesn't mean other countries can't employ this technology. Africa and South America can easily hire American frackers to extract oil.