What is the impact of fracking on oil prices?
over the past few months, the oil harvested from fracking had come onto the market reducing the price of gas.

Obviously, this makes no sense insofar as the oil harvested from fracking displaces oil harvested by other means.  

Absent changes in supply or demand, the price of oil has to rise at the rate of interest.

The development of a new extraction technology is a one-shot increase in supply, which should lead to a one-shot fall in price, followed by a resumption of the ongoing increase at the rate of interest.  It can't (by itself) explain an ongoing fall in price.