I can think of only one answer as to why you haven't heard of it in the news. The liberal media and the environmentalists (as well as Hollywood) don't want you to know about it. They would rather you ride your bicycle while they travel on private jets and drive their SUVs.
There is a price point where oil can be extracted from shale formations at a profit using horizontal drilling techniques. I do not know what that price point is, but the oil is there trapped in those rocks. For years these deposits have been ignored due to extraction costs. Obviously as crude prices increase Big Oil will re-examine this.