Oil shale contains organic matter which is converted into synthetic oil by pyrolysis and hydrogenation or thermal dissolution. U.S. have the largest proved shale oil reserve followed by Russia. Despite of high production cost and low market price of oil, shale oil market accounted for more than 50% of total oil market in the U.S. in 2015. U.S. is the largest consumer and a major importer of oil. Presently, around 35% of total US energy demands are fulfilled by petroleum products. In the U.S. from Jan 2016- July 2016, total imports of crude oil have increased significantly. To fulfill its growing energy demand, the U.S. is majorly dependent on Canada and OPEC. Canada’s energy demand have been constant but production has increased to meet US oil consumption.