Fuel prices remain high despite ramped-up U.S. oil production

07/17/2013 | Week, The

Surging U.S. oil output is not making a dent in gasoline prices, which have shot up this year and remain well above $3 per gallon, according to witnesses at a Senate hearing. The price spike has been blamed on turmoil in the Middle East, outages at U.S. refineries, the Renewable Fuel Standard and soaring demand for oil in developing countries. Oil industry critics such as Sen. Ron Wyden, D-Ore., chairman of the Senate Energy and Natural Resources Committee, suggest the industry may not be doing enough to address the issue because it is profiting from the situation.

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