Recently Gas prices have dropped
tremendously and it has not been this low in many years. Global Demand is one
of the causes out the prices decrease. Some lawmakers hope Congress is
primed to increase the politically sensitive U.S. gas tax for the first time in
more than two decades. The U.S. benchmark oil price slipped below $50 per
barrel on Monday, its lowest mark in nearly four years, and drivers across the
nation will pay less than $2.20 per gallon on average when they fuel up this
week. Companies bought up land in states like North Dakota and Texas. They
used new drilling technology and the hydraulic fracturing technique, or
"fracking" meaning injecting high-pressure mix of water and
chemicals into shale formations to fracture them, allowing shale oil to flow more
freely. The article reminds me of the saying "bang for you buck"
because for many years we have been paying more than two dollars for each
gallon of gas. Now that gas is under two dollars a lot more people are
filling up their tanks and getting what they need. Although the
global economy is sort of slow people are definitely happy with
lower gas prices.
site: http://www.cnn.com/2015/01/06/politics/gas-price-politics/
Initially, when reading this, I was thinking that freacking could've been a possible explanation for the earthquakes we've been experiencing. However, because I was so curious, I looked it up and scientists have ruled out fricking as the cause.
ReplyDeleteThat is kinda nice especially when you own a car! But the eerie part is if fracking isn't causing earthquakes, what is? (twilight theme music plays)
ReplyDeleteThis is such a pertinent current event, Ausia! I'm so happy you wrote about this because this decrease in price has become such an important and positive event throughout the nation... I was aware that one of the reasons for this is because of new U.S. drilling procedures, but is it that the only reason? Is the stray away from foreign oil not only allowing our country to be less dependent and in the hands of possibly manipulative people, but actually cheaper as well?
ReplyDelete- Sophia Davison
Going on from the good feeling of paying less for gas, it also means that more and more people are loosing jobs because prices are so low that income is much smaller for gas and oil companies. How one thing can overjoy many but destroy others is crazy.
ReplyDeleteI'll admit, I've been enjoying the ever-so-low gas prices lately! However, these low prices are not a good thing; fracking has allowed for Middle Eastern oil companies to inflate the market for oil (therefore, lowering the prices), but also starving out oil companies, such as Exon Mobil.
ReplyDelete-Vivie Behrens (Period 6)