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November 29, 2014 9:00 am

Oil, Gas Prices Dropping Rapidly Due to American Fracking Boom

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An Israeli oil platform. Photo: Avishai Teicher.

Fox News – Drivers paying less at the pump due to free-falling oil prices can thank the U.S. energy boom for generating shale oil – and weakening OPEC’s ability to keep the cost of a gallon of gas high.

In just a matter of months, the price of a barrel of oil has dropped from more than $100 to about $70, and gas is now cheaper than it has been in years. But a recent report conducted for the American Petroleum Institute claimed oil would cost twice as much as it does now if it weren’t for America’s fracking boom, which wrings oil and natural gas out of shale miles underground.

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  • snag

    There goes Israel’s gas bonanza 😉

  • Karl

    your picture does NOT show a “platform” nor a “rig”.

    it shows a bunkering station. A place where ships get re-fills of already-refined DFM (diesel fuel marine).

    if more J kids went to Colorado School of Mines instead of majoring in Gender Equality Sociology…. well, for one thing, they’d be making six figures straight out of school.

  • David Blacher

    The Fracking Boom is happening because of the pro active approach of the Obama administration!

    • judorebbe

      Uh, really ??? – It is happening due to private (corporate) initiatives … in spite of obstacles placed in their way by the Obama administration.

      But, then, you knew that.

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