The Surprising Truth behind Higher Gas Prices

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    Obama is catching hell from the Republicans over the skyrocketing pump prices. IS Obama to Blame?

    1. Is there a shortage of crude oil? – “There’s a big ballyhoo about oil these days. With the turmoil in the Middle East, especially in Libya, the price of West Texas Intermediate (WTI) crude oil is priced over $100 per barrel. Gasoline at the pump is almost $4.00 per gallon.

    Why then talk about an oil glut? We should first look at where our oil is coming from. Canada is the biggest exporter of oil to the U.S. Canada is sending so much oil to the U.S. that our pipelines and storage facilities can’t handle it. Reuters reports that our key storage facilities at Cushing Oklahoma are filled to capacity and are not equipped to handle the oil flow.

    Meanwhile, Canada is frustrated with our inability to handle its oil flows and plans to build a pipeline to the west coast and ship its oil to China.”


    2. Is there a shortage of refinery capacity? – “Oil companies from Chevron Corp. to BP Plc are selling more refineries than at any time in history even as a rebound in demand for gasoline and diesel pushes profits from running the plants to the highest level since 2007. A glut of refineries put up for sale by integrated oil companies after the global recession dragged down profits are now available for 80 percent less than they fetched in 2006.”


    3. The BIGGIE!!!! IS THERE A SHORTAGE OF REFINED FUELS> – “Is increased demand for gasoline is driving up prices. No, data from the U.S. Energy (EIA) Information Administration reveals just the opposite is true. Consumers have actually reduced their gasoline demand in the face of higher prices at the pump. So, what’s happening to the excess gasoline produced by U.S. refiners? Why isn’t the “glut” driving down the price of fuel? Because there is no “glut.” U.S. refiners have increased their export of refined gasoline to other countries.

    They keep just enough gasoline in the U.S. to meet domestic demand. That also keeps prices from going down.


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