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Oil Prices May Stay Low

We all remember the days of four dollar a gallon gasoline, but those high prices led to increased production, especially here in the U.S. and crude oil prices plummeting. Harry Cooney energy price analyst with GrowMark thinks these lower prices will stick around well into next year if not longer.

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When fracking rules were approved in Illinois last year, while oil prices were still high, speculation was that there would be a boom in oil production in Illinois. But that has not happened.

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Prices have moved from highs well over 100 dollars a barrel down to the 40 dollar range. The downside of sharply lower oil prices has been the failure of fracking to develop in southeastern Illinois.

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