In the past twelve months, the oil price has dropped significantly (nearly 60%) in the international market. Experts argued that one of the reasons among many is the millions of barrels of shale oil produced in the US.

Try to analyze: 1. The market structure for the oil industry; 2. The supply and demand relationship for oil in this structure; 3. Given the presence of OPEC and other speculators, how is oil priced; 4. In regard to the cross elasticity of demand, explain the news from the angle that shale oil is considered as a substitute for oil.

This analysis is quantitative, therefore please use the figures and charts.