Oil is truly a global market. The market for natural gas is much more local.
New extracting technology has indeed exploded U.S. natural gas production. According to the government's Energy Information Administration, the U.S. has about 272 trillion cubic feet of proven reserves.
On top of that, an estimated 4.2 quadrillion cubic feet of natural gas is classified as recoverable. The industry expects we could see natural gas output rise by a third by 2020 - helping keep energy prices low.