Tuesday, November 19th | 22 Heshvan 5780

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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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