America has become the world’s number one energy producer due to its ingenuity and initiative in the field of oil and natural gas. This has lead to the depletion of oil and natural gas prices contrast to some years ago where the prices were red-hot. The fears over dwindling supplies and sky rocketing prices have come to a halt due to the techniques of horizontal drilling and hydraulic fracturing. It has also given way to the unleashing of the market tightened by less supplies and high prices. This has indeed unearthed a new era of American energy abundance.
The Sierra Club predicted: ‘We’re running out of oil we can pump from the ground and market for under $60 a barrel. Most people alive today will see the end of cheap oil.’
Whereas today there are signs of oil prices falling even less than $30 a barrel. The average price of a gallon of gasoline in the U.S. is below $2.00—with one station boasting a cash price of $1.29.
The month of January in 2016 could witness the American oil and natural gas companies entering the global market.
Source: Oil Voice
