Shale boom brings $3-a-gallon gasoline in sight for holiday drivers

Bloomberg reports that U.S. drivers are closer to seeing $3-a-gallon gasoline in the coming holiday season than they’ve been in four years as New York-traded futures are selling for $1 a gallon below retail prices. The news service says gasoline prices are sliding as oil trades at the lowest price levels since 2012. Bloomberg notes that U.S. output of crude oil, which makes up about two-thirds of the cost of gasoline, has surged to a 28-year high as drillers pull record volumes out of shale formations from North Dakota to Texas. That is contributing to a glut of oil as global demand growth slows. For more, read the full story.