Gasoline-price hikes are influenced largely by crude oil costs and taxes, not product exports and refinery production, said John Felmy, the American Petroleum Institute's chief economist. "The [Obama] administration understands that the rise in crude oil prices is driving gasoline-price increases, but it hasn't responded with favorable policies," Felmy said. The best long-term response to such increases is to boost the domestic production of crude oil, he said.

Full Story:
Oil & Gas Journal

Related Summaries