Big Oil Is Gaming the System to Keep Domestic U.S. Prices High [View all]

[NeoConsSuck]

Here is a good read:

The U.S. Is Now EXPORTING Oil, But the Oil Companies Are Gaming the System By Switching To a Different Benchmark to Keep U.S. Oil Prices HIGH … And the Keystone Pipeline Will Create Even HIGHER U.S. Prices


Leah McGrath Goodman – who has written for the Financial Times, Barron’s, The Wall Street Journal, Forbes and Fortune – notes that the U.S. is now an oil exporter, but that Americans aren’t getting reduced oil prices because the oil companies are now pricing the oil according to European metrics:

The U.S. is now selling more petroleum products than it is buying for the first time in more than six decades. Yet Americans are paying around $4 or more for a gallon of gas, even as demand slumps to historic lows. What gives?

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Americans have been told for years that if only we drilled more oil, we would see a drop in gasoline prices.

http://www.ritholtz.com/blog/2012/05/big-oil-is-gaming-the-system-to-keep-domestic-u-s-prices-high/