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Prices are down 25 percent since June, unleashing ripples around the globe that range from lower gas prices in the U.S. to budget problems in Russia to political pressures in the Middle East.
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Much of the U.S. oil industry wants to lift a ban that followed the 1970s energy crisis. But those worried about the possibility of higher gas prices and climate change want to keep the ban in place.
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Thanks to fracking, there is an abundance of natural gas at about a quarter of the European price. This influx of business may be good for the U.S., but it's cause for concern for European leaders.
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The country is producing more natural gas than it can burn, but frigid weather has made it harder for companies to deliver that gas to those who need it, especially in densely populated areas in the Northeast. As a result, prices have skyrocketed.