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UT San Diego | November 13, 2014 | by ASSOCIATED PRESS & BLOOMBERG NEWS
Horizontal drilling and hydraulic fracturing, or fracking, have unlocked supplies in shale formations in North Dakota, Texas and other states. The increase in global production and slower demand growth have pushed oil prices down. The agency predicted in its most recent short-term energy outlook that drivers will pay $2.94 per gallon on average in 2015, 45 cents lower than this year. Based on expected gasoline consumption, that’s a savings of $60.9 billion. Economists say lower gasoline prices act like a tax cut, leaving more money for consumers to spend on other things.
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