New technologies could make the United States a world leader in producing oil from shale rock.
Experts also project these innovations will bring the price of gas down in the years ahead.
Meanwhile, Russia could experience an oil boom of its own.
Leonid Fedun, vice-president of Lukoil, told The Financial Times his country could use the new technologies to produce oil from Siberia.
However, the Russian oil executive said the government must help by giving the oil industry new tax breaks to offset expenses.
If Russia can increase its oil production, that could help lower the price of gas in America because there would be more oil on the world market.