21.11.2013 - Oil prices have been falling but fracking will limit the decline, says Dan Yergin
When Americans take to the road this Thanksgiving holiday they will be paying about 6% less for gasoline than they paid a year ago. That's because the price of crude oil has fallen. Increased oil production due to fracking--the technology that breaks up shale rock buried deep inside the earth to release oil and natural gas reserves--has boosted U.S. oil output, and, in turn, reduced prices. Crude oil is trading near $93 a barrel, a five-month low, and gasoline prices are averaging $3.21 a gallon for regular unleaded, according to AAA. Natural gas is trading at $3.55 per million BTU, a few cents below the year-ago price.......................................Full Article: Source
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