A GOLDEN OPPORTUNITY TO CRANK THE TAXES AS THE PRICES DROP:

Tyler Cowen: The shale boom is just getting started, most of all on a global level. And a lot of complicated substitutions are required for shale gas to lower retail gasoline prices, for instance greater use of gas to power transportation. The US public never has been very rational about the price of gasoline, and don't expect that to change anytime soon.  Gasoline is a price which we see and pay very often, too often. That means voters remember it all too well.

Oilprice.com: How has the US shale boom affected the global economy, and how will US exports play into this?  

Tyler Cowen: Our shale boom is only starting to affect the global economy. The question is who else will follow suit. Russia?  Argentina?  Poland? We will see, but I expect a lot more supply to come on line.

Oilprice.com: In the world of finance and banking, energy market manipulation has become a hot topic, most recently with the scandal around JPMorgan. How does this style of energy market manipulation affect consumers?  

Tyler Cowen: Not much at all.

Oilprice.com: Is this a trend we can't stop?

Tyler Cowen: We can't stop it easily. Consumers are not really the losers here, rather some traders benefit at the expense of others. There is more churn than we would like to have in prices and short-term inventories. That's a problem, but pretty far down on my list of worries.

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