World oil prices have risen a little after two years of weaker demand for oil and lower prices. During that time, a number of developments have affected the balance between oil supplies and demand. One is unrest in some oil-producing countries. Another is the expanded use of technology for collecting oil from deep underground. In addition, the Organization of Petroleum Exporting Countries (OPEC) has been working on a deal to reduce oil production. OPEC’s members have been trying to limit production to ease oversupply. Perhaps the easiest way for Americans to experience the effects of oil prices is through gasoline. American drivers have paid less for fuel as oil supplies have increased and prices have dropped. In the United States, oil production has increased sharply in recent years. One reason is new technology, such as hydraulic fracturing, also known as fracking.
