Shale is very expensive, so is fracking, ditto deep water. There is no more cheap oil. Shale and fracking aren't going to reduce the price of oil, but they are going to take the pressure off gov. to keep peeing all this money away on these so called "green" alternative sources.
Its market manipulation. Oil is range bound and trades within that range. Sometimes trading up and down within a few weeks. The traders are making money and the trend line for oil prices is flat.
If you think there is a great excess in oil supply, I suggest you look at worldwide oil demand and supply. And then look at total US oil production and total US oil consumption. The facts don't agree with the media hype.