I completely agree with you. However, NG completely surprised many of us due to fracking. Years ago we read about the big effort to develop importation terminals. I recall such an effort off Boston, one in New Brunswick, maybe one around LA. We do not read about such efforts anymore.
Fracking/horizontal drilling IS coming to oil, is here now, is developing fast, and there are many old wells that I think can be redrilled. I presume old wells filled with cement are useless, so a new well would be drilled nearby. All to say oil production in the US MAY rise dramatically in the next ten years or more. If it took off with a similar profile to NG the oil price would fall to breakeven or below (NG is below now, right), no?