Over the past sixteen years, oil and gas markets have witnessed a technological and supply driven drop in the oil price as a direct result of the shale revolution in the U.S. Shale provided a new source of oil to meet global demand growth. Lateral drilling led to significantly increased recovery rates. Numerous pipelines were built that allowed the companies to get oil out of the mid-continent and to the U.S. Gulf Coast. A shorter business cycle for shale projects encouraged a significant amount of capital to become available.