The US average gas price is $3.22 – and appears headed lower. The bad weather this winter was a factor, but 'fracking' is also driving energy prices downward.
The benefits of the North American oil boom on this side of the Atlantic are well-documented – and the same technologies might help developing nations. But Europe's energy industry, which separately became a target of a price-fixing investigation, could emerge as a loser.
Oil production in the US is expected to rise by record amounts in 2013, thanks to a revolution in drilling techniques. The question is: How long will the oil production boom last?
Gas prices soared last week on signs of economic health. The annual transition to summer-blend gasoline also contributed to the largest one-week increase in average US gas prices since February 2011.
Mitt Romney, the Republican presidential nominee who has used rising fuel costs as a weapon during the lead-up to the presidential election, may not be so happy to see pump prices dropping, according to Consumer Energy Report.
Experts predict that California's drivers will briefly see prices higher than the current all-time record of $4.61. When will gas prices go down?