On Wednesday, an OnCue Express in Oklahoma City became the first U.S. filling station since 2010 to sell regular gasoline for under $2 a gallon. The national average—hovering around $2.74 this week, also the lowest since 2010—is down 51 cents in a year and continues to fall, which Goldman Sachs pegs as equivalent to a $75 billion tax cut over the past six months. Consumers can thank Mark Papa, the oilman whose role in creating this income windfall remains, for the most part, unsung. The same goes for the many other benefits of the modern American energy boom.
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The ‘accidental CEO’ Mark Papa says even he underestimated the shale revolution, which will continue despite lower prices…“If you want to point to a success of private enterprise, and how the capitalist system works for the benefit of the total U.S. economy,” he says, “I can’t come up with a more glowing example.”