After years of rising gasoline prices Idahoans are getting a reprieve, but as the state further integrates into the global economy, the ramifications of falling – or rising – oil prices become more complicated.
What is Driving the Drop in Prices?
Over the past four years global oil production has grown from roughly 85 million barrels per day to 90.1 million, largely due to the significant technological advancements in hydraulic fracturing – fracking. This has allowed producers to extract oil from shale formations previously thought unviable.