The Gazette reports on dropping gas prices due to fracking.
EDITORIAL: The opponents of fracking, Keystone Pipeline hurt poor
The Gazette; January 13, 2015
Gas prices dropped to $1.55 a gallon Monday in parts of Colorado Springs, continuing a much-needed and long-overdue break for average consumers. None benefit more than the working poor. Spending less than half as much on fuel as a year ago, they have more money for food, shelter, clothing and entertainment.
It’s not the result of price controls, which proved in the 1970s to cause production shutdowns, gas lines and rationing. It’s not because President Barack Obama, the Democrats or Republicans waved a magic wand in an act of benevolence.
It’s because of good old American fracking, in which oil tycoons invested money in pursuit of profits. Domestic production created abundance, which reduced the price of fuel. Threatened by declining fuel prices, Saudi Arabia began flooding the market with oil in an effort to drive prices so low American producers might go bust and shut down wells. At some point, this gravy train will come to a halt and prices will rise…