"Yes, the shale prospectors in the US are using relaxed rules and a sleight of hand"
In particular the USA's virtual total exemption on environmental regulations is something which makes gas fracking economic there (even so a lot of drillers were going out of business well before the oil price dropped)
It's highly likely that EU requirements coupled with higher population densities and an unwillingness to allow the countryside to be turned into a pincushion will make the economics here a different proposition.
Bear in mind that a large part of the reason for the US gas and oil gluts existing is a direct result of laws which prohibit capping wells until "the price is right". Once you have a well running, you are legally obliged to sell what comes out of it at the prevailing market price. This means that drillers have ended up selling the product below cost for some time.
Oil Barons (such as the Kochs) who go in and hoover up production for resale (and are the main drivers of the above-mentioned laws) are the ones making big money, because they don't have to shoulder the risk/expense of the actual exploration/drilling. As with gold rushes the people who become millionaires aren't the prospectors, but the ones selling them shovels and buying their gold.
Low oil/gas prices are damaging on several fronts. Countries which depend on oil revenue have to pump more in order to stay put, which ends up driving the price further down. That means more CO2 and as more explorers go out of business an increased risk that those remaining can corner the market.
China is taking advantage of the low prices to stockpile as much oil as it can. I am surprised the US is still running its strategic reserve down instead of building it up.
The real killer of oil prices won't be exploration technologies in any case. The PC (and microcomputers in general) was disruptive because it was a completely different paradigm from mainframes.
Taking the point of view that the oil industry is an energy industry(*) (non-energy uses are a fraction of output) then the paradigm shift will be alternative (and much cheaper) energy sources. As with the proliferation of home pcs in the early 1980s, we see solar, wind and others all vying to be "it", but the most likely long-term answer is better nuclear power plants.
(*) The oil industry was a predominantly lighting industry right up until the end of the 19th century and into early 20th century years. In the 21st century it's likely to move to be predominantly a source of raw materials for industry and agriculture, but demand will likely be less than half of what it currently is even with a wealthier global population wanting more "stuff"