Gas prices usually rise in the summer months, as American motorists hit the road and drive up demand. But this summer prices are falling, as burgeoning US oil production provides a buffer against summer demand and international turmoil – both of which typically mean higher gas prices.
New energy extraction methods are touted as an answer to high oil prices, Cobb writes, but they more closely resemble emergency measures designed to forestall an inevitable decline in the world's fossil fuel resources.
Gas prices in the US have fallen to the lowest level in 100 days, and drivers have strong US energy production to thank. Analysts say the domestic oil boom is softening the impact that turmoil in Iraq and Ukraine would otherwise have on prices at the pump.
Starbucks is joining the growing number of coffee brands hiking up prices due to a worldwide coffee shortage. The coffee supply has been tight this year due to drought and disease, so when will consumers see relief in prices?
Global oil prices could go up by $15 per barrel in about 10 years, if the Middle East doesn't invest more in its oil fields, the International Energy Agency says. The IEA also reports the world may find itself more reliant on Middle East investment for shale oil production.
A rise in US oil production has helped keep gas prices lower, but perhaps not as low as US drivers expected.
As President Obama meets with the Saudi king in Riyadh Friday, he is almost certain to discuss the Ukraine crisis and how to respond. Could the US and Saudi Arabia coordinate a release of oil that would punish Russia's energy-dominated economy?