Lower Oil Prices Slow Development Of Risky, Energy-Intensive Fossil Fuels

November 14, 2014 4:35 PM

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NEW YORK (AP) — Deepwater drilling rigs are sitting idle. Fracking plans are being scaled back. Enormous new projects to squeeze oil out of the tar sands of Canada are being shelved.

The global price of oil has plummeted 31 percent in just five months, a steep and surprising drop after a four-year period of prices near or above $100 a barrel.

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