The Price is Right

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The struggle of seeing your gas light turn on, only to turn into “Cumbies” to see the staggering prices is a familiar feeling for many. You get out of your car and spend your last $20 to fill half your tank, which by the way, is going to have to last you until Monday. And it’s Tuesday.

Luckily amidst all the recent cold weather, there is good news. Expensive gas prices have been dropping all over the country and New Englanders have not been excluded from this unexpected change. For months, the gas prices across the U.S. have been on the decline and luckily for people and their wallets, prices are predicted to continue along this trend. The national average is expected to drop 23 cents per gallon in 2015, making the price per gallon about $2.60, putting almost 500 extra dollars in your pockets by the end of the year.

What’s the reasoning behind this rare phenomenon one may ask?

Well for starters, the United States has been increasing their domestic oil production annually since 2008. Hydraulic fracturing and horizontal drilling are two technologies that have become more widespread across the country and help limit the amount of expensive foreign oil that is imported. The global demand for oil has also dropped significantly in the past couple of years, duly dropping prices.

The new oil tendencies are not the only circumstances that deserve appreciation. The lack of hurricanes in the oil-wealthy Gulf of Mexico keeps extraction rates consistent and satisfying. Disastrous weather can hinder oil rigs for days, which can cause a significant rise in gas prices. If all of these tendencies come to halt, then we might be once again cringing at the high gas prices while freezing at the pump. For now though, we should enjoy the extra cash in our pockets and start spending our money on things we actually want.

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