12-02-2014, 12:28 PM
I knew the price of oil was falling (as is price of gas), but was really surprised that it fell a lot on Friday, and is about $65/barrel today. The link below has interesting graphs on USA past oil production and forecast production. While high USA production and low prices are likely good for USA economy, there are downsides, mainly related to energy efficiency and environment. I was really surprised to learn that USA oil production was increasing when I heard this a year or two ago (I think it is fracking onshore (see North Dakota graph) and large sub-salt oil fields in the deep Gulf of Mexico.
http://www.businessweek.com/articles/201...per-barrel
Chris
http://www.businessweek.com/articles/201...per-barrel
Chris