U.S. has limited power over global oil market, observers say

04/22/2012 | USA Today

Despite increased domestic oil production and slumping demand, U.S. fuel prices remain high because the global oil market is largely determined by factors outside the control of the U.S., observers said. "It's frustrating to everybody," said Howard Gruenspecht, acting administrator of the Energy Information Administration. "This year, the dominant factor in pushing up world oil prices -- and thus gasoline prices in the United States -- is geopolitics -- specifically, rising tension over Iran," said Daniel Yergin, chairman of IHS CERA.

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