Michael Bastasch
The Daily Caller
8/29/2014
Good news for families trying to get in one last road trip before school starts: Gas prices are falling ahead of Labor Day weekend, thanks to booming U.S. oil production from shale formations…
…The average price of gasoline is now 25 cents less than it was at the end of June, according to the Energy Information Administration, and gas prices are projected to continue falling this year to an average monthly price of $3.30 per gallon in December…
…Why are gas prices so low? Hydraulic fracturing, or fracking, is responsible for allowing oil companies to unlock vast reserves of oil and natural gas that were previously inaccessible. This huge technological achievement has led to a U.S. oil boom and helped lower gas prices.
“It’s crude oil at work,” Trilby Lundberg, president of the Lundberg Survey, told Bloomberg. “The down factors outweighed the up factors. One of the many factors include robust U.S. oil production.”…
The complete article is at The Daily Caller.
