Ray Gerrish repairs a drilling rig near Watford City, N.D. Oil industry analysts predict that oil prices will have to remain low for at least several months before having a significant effect on U.S. production. Jim Gehrz/MCT/Landov hide caption

itoggle caption Jim Gehrz/MCT/Landov

Pumpjacks at the Inglewood oil fields in California in March. Some of the most controversial methods of oil extraction, like fracking, oil sands production and Arctic drilling, are also expensive. That's made them less profitable as the price of oil continues to fall. Richard Vogel/AP hide caption

itoggle caption Richard Vogel/AP

U.S. Secretary of State John Kerry speaks with Saudi King Abdullah bin Abdul Aziz al-Saud as the Saudi ambassador to the United States, Adel al-Jubeir, listens before a meeting at the Royal Palace in Jiddah, Saudi Arabia, on Sept. 11. Brendan Smialowski/AFP/Getty Images hide caption

itoggle caption Brendan Smialowski/AFP/Getty Images

A fireball goes up at the site of an oil train derailment in Casselton, N.D., in this Dec. 30 photo. The fiery crash left an ominous cloud over the town and led some residents to evacuate. Bruce Crummy/AP hide caption

itoggle caption Bruce Crummy/AP

Pump jacks are seen in an oil field over the Monterey Shale formation near Lost Hills, Calif. Much of the U.S. oil industry wants to lift an export ban that followed the 1970s energy crisis. David McNew/Getty Images hide caption

itoggle caption David McNew/Getty Images

The oil tanker HS Electra unloads oil from the North Sea at the Portland Pipe Line facility in South Portland, Maine, in 2013. John Ewing/Portland Press Herald via Getty Images hide caption

itoggle caption John Ewing/Portland Press Herald via Getty Images

A tanker carrying crude oil from Iraq's Kurdish region anchors near Ashkelon, Israel. It's believed the oil has been off-loaded into Israel. The U.S. and Baghdad oppose the Kurdish export of oil from the autonomous northern region. David Buimovitch/AFP/Getty Images hide caption

itoggle caption David Buimovitch/AFP/Getty Images

Scotland's offshore oil platforms in the North Sea generate significant wealth for the nation — especially for the Shetland Islands, where oil tanker traffic boosts the local economy. Andy Buchanan - WPA Pool/Getty Images hide caption

itoggle caption Andy Buchanan - WPA Pool/Getty Images

Givot Olam CEO Tovia Luskin expects to drill 40 wells and build a pipeline to a refinery on the coast. The company already has "proven and probable" reserves of 12.5 million barrels of oil. Luskin chose where to drill based on a passage from the Bible. Emily Harris/ NPR hide caption

itoggle caption Emily Harris/ NPR

On Dec. 23, 1973, cars formed a double line at a gas station in New York City. The Arab oil embargo caused gas shortages nationwide and shaped U.S. foreign policy to this day. Marty Lederhandler/AP hide caption

itoggle caption Marty Lederhandler/AP

Libyan oil exports have plunged because of strikes at oil terminals on the northeastern coast. Supply has also been disrupted in the country's southern fields. Hussein Malla/AP hide caption

itoggle caption Hussein Malla/AP