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.
Clashes in Egypt have added to growing anxiety over supply disruptions in the Middle East, driving oil prices upward for five days straight. A stronger supply of North American oil should help protect from long-term effects of Egypt unrest, analysts said.
Motorists could see gas prices rise by 25 to 30 cents per gallon next month-- well before the uptick we expect in September and October. Gas prices typically rise in the fall, but rocketing oil prices and a drop in gold could push the increase earlier, some analysts say.
Fourth of July celebrations just got a bit more festive with a recent drop in gas prices. If it lasts much beyond the Fourth of July will depend on turmoil in Egypt and across the Middle East, the economy, and especially hurricane season.
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.