HONOLULU (HawaiiNewsNow) - OPEC production cuts drove oil prices up a, for awhile, but now they're lower again. What happened, while American oil and gas production rose, to make up a lot of the difference?
Oil was discovered about a century ago in western Pennsylvania. Then gushers were found in California. Finally, Texas and Oklahoma became oil country, bigger than Pennsylvania and California by far. More recently, fracking, or fracturing rock by pumping fluid into it at great pressure, released oil that was previously hard to get at, especially in Oklahoma and North Dakota.
It set off a boom in the Bakken fields of North Dakota. It set off a swarm of earthquakes in Oklahoma, which previously had virtually no seismic activity.
Maybe one day we'll regret fracking, but at the moment it's doing more to help the economy than anything contemplated in Washington.