I’m not sure all our drilling is the primary reason. Other factors include increased production by Russia, Libya and others. Saudi Arabia and OPEC agreed to NOT limit production at their most recent meeting. Is this aimed at Russia or the US? China may be in big trouble soon economically and consumption fall off. Lots of different factors.
I think that the Saudis are trying to make the drillers here in the US consolidate to shore up debts.
What seems to be different is that they have options way above the current price that will last over a year.
The Shale business and the upcoming Keystone has called every bluff they have.
Peak Oil IS A MYTH and OPEC reaps the hit.