Aug 30, 2014 2:12 AM GMT
What's remarkable is that this boom is solely on private land. Now imagine the effect if the Obama Administration was actually supportive of fracking.
Despite conflicts in the Middle East, U.S. drivers are seeing gasoline prices plummet thanks to huge increases in domestic crude oil production from hydraulic fracturing, or fracking.
Booming U.S. crude oil production has helped put downward pressure on prices, which have been reflected at the pump. Bloomberg recently reported that the average price for gasoline dropped 4.21 cents over two weeks to about $3.48 a gallon on Aug. 22.
According to the Energy Information Administration, gas prices hit about $3.45 on Monday and the average price is nearly 10 cents lower than the same time last year. On the East Coast, prices are more than 15 cents lower than last year and Gulf Coast drivers have seen a more than 14 cent reduction since last year.