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Sometime mid-October, the oil industry was in turmoil when oil prices fell to its lowest level in more than three and a half years. This was attributed to the strong crude production and weak demand. Regardless of these factors, energy production in the US is not swayed and shows no indication of cutting back.
Low oil prices mean low gasoline prices making the typical American consumer happy. However, for the government to balance its budget, it is predicted that oil prices will and must eventually increase. If that does not happen and oil prices remain at this low level, it will be necessary to maximize the production of oil to obtain higher revenues. But what happens next? Will the surplus cause more problems than it will solve?
HOUSTON, Oct 17, 2014 — Falling oil and gasoline prices have sent oil company stocks tumbling, but oil experts say the boom in American energy production shows no signs of slowing down, keeping the market flush with crude and gasoline prices low. Read more from nytimes.com.