You have heard how falling oil prices might slow down oil and gas extraction accomplished by the method commonly (and misleadingly) referred to as "fracking." Even before the reduction in pricing, critics pointed to the fact that the growth in the number of drilling rigs has fallen off.
One fact that is often overlooked, however, is the industry's increased efficiency at extracting hydrocarbons from shale formations. A recent article in The Wall Street Journal discusses this very topic of increased efficiency in extraction methods.
With Saudi Arabia pushing down the price of oil, efficiencies in U.S. production will need to continue.