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One of the great debates about fracking is whether it heralds a great new chapter in the age of oil or whether it is a small blip in the dying days of the fossil fuel era.

The oil industry often prides itself in pushing the boundaries of technology. The whole fracking revolution has been driven by the industry pioneering new techniques to exploit oil and gas that was previously out of reach.

Everywhere you look there is carnage in the oil industry as the reality of low oil prices begins to bite. From North America, to the North Sea and the Arctic, the low crude oil price is reshaping the size, shape and prospects of the industry.

In the months that followed BP’s devastating Deepwater Horizon spill in the Gulf of Mexico in April 2010, one of the biggest mysteries was what happened to the 200 millions gallons of spewed black crude.

Yesterday, after a failure in new contract negotiations initiated this month by a group of major oil companies, the United Steelworkers announced a work stoppage at nine refineries, the largest refinery strike in nearly 35 years.

It is hard to believe but it is nearly five years since BP’s reckless behaviour caused arguably America’s worst environmental disaster.

The tar sands industry lists market access as the number one threat to its future in a recent industry survey.

Just how low can the oil price go? What was unthinkable even a few months ago is now becoming distinctly probable, even likely. As analysts dissect the ramifications for the oil industry of $40 dollar barrel, oil traders are now thinking that the price of crude will halve that to a staggering $20 a barrel. Prices have not been that low for twenty years.

It is a majestic world heritage site located on the west coast of Newfoundland, which is seen as one of the jewels in Canada’s crown. But it could be under threat from the controversial technique of fracking in the future.

If you had Googled “fossil fuels” and “stranded assets” a few years ago, you would have probably got no hits. But how times change.