Oil prices

Ronald Bailey Asks How Low Can Oil Prices Go?


Pro Fracking

The price of oil in global markets has plunged by nearly 40 percent over the past six months. As a result, the price of a gallon of regular gasoline in the U.S. has dropped from an average of $3.68 in June to $2.74 this week. In June, the U.S. Energy Information Administration had projected that a gallon of gas would average $3.48 per gallon this month. Reason Science Correspondent Ronald Bailey asks, "What happened, and where might oil prices go in the next two to five years?"