As members of the Organization of the Petroleum Exporting Countries (OPEC) meet in Vienna this week, they'll discuss the growing oil production from non-members that could soon lead to a drop in fuel prices, according to many industry analysts.
In September, U.S. oil production hit 6.5 million barrels a day, the highest level in almost 15 years. The state of North Dakota alone, whose output has increased sixfold in the past five years, now pumps almost as much oil as Qatar (an OPEC member). Meanwhile, Canada is making the most of its vast oil sands.
England's Longview Economics predicts that supply growth will soon exceed demand by 800,000 barrels a day. The Brent barrel could even drop to $70 in the first half of 2013, or 35% below today's price.
Bad news for hybrid and electric car advocates? Maybe, but countless drivers are already jumping for joy.