News & Politics
Why Do Gas Prices Keep Falling? [PODCAST]
Gas prices across the United States are at their lowest point in a year, driven in part by falling oil prices. Retailers have hinted that more dramatic cuts could be on the way. What's causing this sudden drop?
The Freedom Report podcast today takes a look at the energy market, where Reuters is reporting that Saudi Arabia is slashing prices of crude oil. The country of Venezuela was pressuring Saudi's to hike up the cost, but Riyadh decided to take a different approach, and cut prices to $80 a barrel in some cases.
The Saudi's likely fear the fact that U.S. domestic oil production is booming.
Russia is currently the largest oil producer now at 10.6 million barrels a day, with Saudi Arabia being the second-largest at 9.7 million a day. The U.S. is the world's largest natural gas producer, and in 2019 domestic crude oil production is expected to surpass 13 million barrels a day. What would happen if America no longer relied so heavily on foreign oil from countries like Venezuela, Russia, and Saudi Arabia? Listen to our show to find out!
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