Well even though the US is the number one producer of natural gas, I'm not sure if that's had anything to do with the crude oil price reduction; that's more likely due to several things
> US increased domestic production, so much so, the US has stopped importing oil from Nigeria for the first time, US production has increased from shale oil coming into the system, and states along the Gulf and East coast who are more willing to allow for off shore oil development (e.g. unfortunately, Virginia is one of those states)
> Libya's ability to increase production, and get it to market due to the decrease of internal fighting etc,
>the intense price war between Kuwait and Saudi Arabia, lowering their prices, in an effort to keep their respective Asian buyers.
>Some Asian governments have cut or removed their subsidies on oil, causing a drop in demand, despite the lowered overall prices.
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RE: Gas prices in the United States.
Date: 29/10/14 17:47 (UTC)> US increased domestic production, so much so, the US has stopped importing oil from Nigeria for the first time, US production has increased from shale oil coming into the system, and states along the Gulf and East coast who are more willing to allow for off shore oil development (e.g. unfortunately, Virginia is one of those states)
> Libya's ability to increase production, and get it to market due to the decrease of internal fighting etc,
>the intense price war between Kuwait and Saudi Arabia, lowering their prices, in an effort to keep their respective Asian buyers.
>Some Asian governments have cut or removed their subsidies on oil, causing a drop in demand, despite the lowered overall prices.