Benefits of cheap oil will come, but not soon

Crude oil prices have tumbled by 70 percent since mid-2014, dropping this year below $30 a barrel, a price unimaginable as recently as 18 months ago, when they were at $110 a barrelWith petroleum investment and the manufacturing sector sagging and the stock market in free fall, many Americans are wondering when they will begin to see the benefits of cheap oil. Crude oil prices have tumbled by 70 percent since mid-2014, dropping this year below $30 a barrel, a price unimaginable as recently as 18 months ago, when they were at $110 a barrel. The technological breakthroughs of hydraulic fracturing — or fracking — have revolutionized the market for black gold, making the United States the world’s leading petroleum exporter.

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