Gas Prices Falling as U.S. Oil Production Increases
ST. CLOUD – Gas prices in the St. Cloud metro area continue to fall. Some area gas stations are selling a gallon of regular unleaded for $3.19 today (Tuesday). That’s the lowest price we’ve seen since December of last year.
We are now much lower than the national average, which is $3.65.
Meanwhile, oil prices are also dropping, now at just over $86 a barrel — which is a three-month low.
And speaking of oil, a report today says U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world’s biggest producer.
U.S. production of oil and other liquid hydrocarbons is on track to rise 7 percent this year to an average of 10.9 million barrels per day.
Energy experts say that within just a few years, the United States could top the Saudis. Even if that happens, the U.S. will still need to import lots of oil to meet demand. Americans use 18.7 million barrels per day.