My friend from XL pointed me to this article on Shale gas (WSJ: Shale Gas Will Rock the World) and how it is going to be the future of gas extraction technology. Readers interested in learning more about this should read this article as it provides an interesting view point of how this balances out the world (li'l exaggerated though). More details are available on wikipedia: Shale oil extraction also.
The biggest problem per me with this is the high cost of oil extraction which is sustainable only when the prices of oil are in the range of $90 plus per barrel and the environmental impact of polluting water when the gas is taken out.
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