How low can it go? Oil, gas prices in freefall as OPEC reels from US fracking

How low can it go? Oil, gas prices in freefall as OPEC reels from US fracking

Fox News | November 29, 2014 | by 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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