Gas prices are at an all time low since 2010 and are expected to further decline due to the record production of shale fuel. Currently the average price sits at $3.428 a gallon, down by 6.2 percent since Memorial Day. According to Michael Green, spokesman for AAA,
Refineries this summer were running at record-high levels due to the increase in domestic oil production…That has helped cushion U.S. consumers from many concerns overseas and helped to alleviate any price spikes this summer.”
Shale drilling has increased the national production of crude, as well as restrictions placed on the exportation of unprocessed crude. As of July 11, refineries processed approximately 16.63 million barrels crude, a record breaking amount since 1989.
The boom is projected to lead to the addition of jobs within the market. According to Carl Larry, president of Oil Outlooks & Opinions LLC,
We could add a few hundred thousand jobs by the end of the year… People drive on summer vacation, but more people drive when they go to work.”
Read more here- “Cheapest U.S. Gasoline Since 2010 Set to Get Cheaper,” (Dan Murtaugh and Lyne Doan, Bloomberg)
Olivia is a graduate of Villanova University where she studied Economics and History, minoring in Gender and Women's Studies. She also has experience working with federal legislatures on health care policy, women's issues, and Internet safety.