Democrats have often argued over the past few years that fracking—the technological process of drilling into shale rock to remove oil and natural gas—has not had a significant effect on energy prices in the United States. The collapse in oil prices over the past six months, they argue, is the result of weak demand in Europe and China, not increased supply in the U.S. For oil, those arguments are largely right; its price is set on the global market and therefore weak worldwide demand has had a disproportionate effect.
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