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shale boom

The shale oil boom that catapulted the U.S. into being the world's largest oil producer may be going bust. Oil prices are dropping amid weakening demand, bankruptcies and layoffs are up, and drilling is down — signs of a crisis that's quietly roiling the industry.

Some of the most successful companies in the oil business are household names — think Exxon Mobil or Chevron. But the boom in shale drilling has been driven by smaller, independent operators. These companies have pushed the limits of drilling technology and taken big risks on unproven oil fields.

Ohio’s Republican governor and Democrats in the legislature usually don’t see eye to eye on bread-and-butter economic issues, but they are agreeing on one thing. They say oil and gas drillers who are flocking to ohio’s Appalachian region to take part in the shale energy boom are not hiring enough OHIO workers. Statehouse correspondent Bill Cohen reports.