The price of West Texas Intermediate is hovering around $60 per barrel — not low enough to kill the oil patch, but not generating “Drill, baby, drill!” vibes.

Production cuts may no longer be as effective at propping up prices because electric vehicles are cutting into global demand.

The Permian Basin, which runs through West Texas and New Mexico, produces more oil than most countries.

Since the end of September, Brent Crude has been sliding — down to the $84-a-barrel range, more than a 10% decline in just over a week. This is also playing out at the pump, with gas down about eight cents a gallon in the last week.

Tight global supply raises costs for industry and motorists, but for now, the pain is milder than it was during price spikes decades earlier.

Author of "Saudi America," Bethany McLean tells us about why the key ingredient in fracking is capital, not chemicals.