What’s Going on with Low Gas Prices, Shale Oil, American Energy Independence, and OPEC?

[David MacLeod]

(image source: Orlin Wagner/AP)

There’s a lot of confusion going on right now – as the price of gasoline in the U.S. is declining, we are becoming ever more complacent. Today we saw another steep drop in the price of oil to a four year low under $68/barrel. Is this a sign that peak oil is dead, and that we have indeed entered a new era of energy independence in the U.S., thanks to the fracking phenomena, giving us an expanding bonanza of shale oil and gas?  Today’s installment in our Holiday Smorgasbord series takes a look at these issues, and the significance of the decision made yesterday by OPEC to keep oil production at current levels.

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