If you’re like most Americans, you haven’t been questioning the welcome drop in gasoline prices. You just fill ’er up and feel grateful that you’re spending less.
But why has this remarkable drop come about? And what can we do to help keep prices lower?
Some of it, unfortunately, is beyond our control. Worldwide demand for oil is down now. That always causes the cost of gasoline to drop.
But the other side of the equation -- the part that is under our control -- has gone largely unheralded in many media accounts: the boom in U.S. energy production. Simply put, we’re producing much more energy domestically these days, and that is, predictably enough, pushing prices downward.
Since 2008, we’ve increased our domestic supply of oil by 50 percent. Thanks to technological breakthroughs such as hydraulic fracturing (“fracking”) and horizontal drilling, we’re able to find and extract far more oil than we possibly could have years ago.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
1 comment:
I notice on many posts the authors feel the need to embellish or use outright false info. to try to prove a point. Example: boom in oil going unheralded. We've seen stories ran on all the major news networks, local news, and in print on the topic.
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