History of the oil shale industry in the United States Act of 1985 which among other things abolished the United States' Synthetic Liquid Fuels Program. Union finally bowed to continued low oil prices and closed the project in 1991, rather than complete the US$2 billion project. Over several decades, some of the world's largest oil companies (Amoco, Arco, Chevron, Exxon, Gulf, Phillips, Shell, Sohio, Sunoco, Texaco, Union Oil) had spent billions of dollars to start an oil shale industry in the Green River Formation, the world's largest oil shale resource. But in the end, cheap petroleum prices drove oil shale out of business. Even after the oil shale bust, some
Oil reserves in Ghana with Vetro Energy and PetroSeraya of Singapore have declared interests to provide assistance in construction of offshore platforms and drilling rigs for Ghana's state-owned oil company, Ghana National Petroleum Company on rapidly developing Ghana's oil and gas infrastructure and industry as Ghana aims to further increase output of oil to 2 million barrels per day and gas to 1.2 billion cubic feet per day with an expected annual generating revenue of GH₵140.7 billion (US$65 billion) in 2014. Ghana is believed to have up to to of petroleum in reserves, which is the sixth largest in Africa and the 25th largest