API: More oil production can help U.S. address rising fuel prices

02/26/2013 | Rigzone

Surging fuel prices can be addressed by the efficient use of oil products and increased oil production, said John Felmy, the American Petroleum Institute's chief economist. "Given reasonable regulations, expanded access to resources on federal lands and waters, and fair tax policy, we can bring several million more barrels per day of crude oil to market," Felmy said. The retail regular gasoline price averaged $3.78 last week, which is approximately 56 cents per gallon higher compared with figures two months ago, API said.

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