Big Oil Is Gaming the System to Keep Domestic U.S. Prices High
Here is a good read:
The U.S. Is Now EXPORTING Oil, But the Oil Companies Are Gaming the System By Switching To a Different Benchmark to Keep U.S. Oil Prices HIGH
And the Keystone Pipeline Will Create Even HIGHER U.S. Prices
Leah McGrath Goodman who has written for the Financial Times, Barrons, The Wall Street Journal, Forbes and Fortune notes that the U.S. is now an oil exporter, but that Americans arent getting reduced oil prices because the oil companies are now pricing the oil according to European metrics:
The U.S. is now selling more petroleum products than it is buying for the first time in more than six decades. Yet Americans are paying around $4 or more for a gallon of gas, even as demand slumps to historic lows. What gives?
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Americans have been told for years that if only we drilled more oil, we would see a drop in gasoline prices.
http://www.ritholtz.com/blog/2012/05/big-oil-is-gaming-the-system-to-keep-domestic-u-s-prices-high/