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October 27, 2014

The Real Reason Gas Prices Are Falling

Gas prices have continued a steady decline in recent weeks, saving motorists a lot of money at the pump. In fact, gas is the cheapest it’s been in four years. According to economist Stephen Moore, that has nothing to do with Barack Obama’s “green” energy policies. “There are many global reasons why gas prices are falling, but the major one isn’t being widely reported,” Moore writes. “America has become in the last several years an energy-producing powerhouse. … Oil prices are falling because of changes in world supply and world demand. Demand has slowed because Europe is an economic wreck. But over the last five years since 2008 the U.S. has increased our domestic supply by a gigantic 50 percent. This is a result of the astounding shale oil and gas revolution made possible by made-in-America technologies like hydraulic fracturing and horizontal drilling. Already thanks to these inventions, the U.S. has become the number one producer of natural gas. But oil production in states like Oklahoma, Texas and North Dakota has doubled in just six years. Without this energy blitz, the U.S. economy would barely have recovered from the recession of 2008-09.” In other words, prices are falling despite Obama’s best efforts. More…

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