There are many global reasons why gas prices are falling, but the major one isn’t being widely reported. 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 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.
From the beginning of 2008 through the end of 2013 the oil and gas extraction industry created more than 100,000 jobs while the overall job market shrank by 970,000.
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