Why Are Gas Prices Increasing Despite Record Crude Production?

Why talk about exporting crude oil when gasoline prices continue to rise, despite record domestic crude oil production and declining gasoline consumption? This question is being asked all over the United States, and the typical answer given is crude oil is not priced regionally, but on a global level.

Sure, global pricing is currently buoying the price of domestically produced crude, but that's only part of the story. Europe's thirst for diesel and the unrestricted exports of refined products are allowing 400,000 barrels of gasoline to be shipped from the United States every day. For a detailed look into gasoline prices, click on the following video. 

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The article Why Are Gas Prices Increasing Despite Record Crude Production? originally appeared on Fool.com.

Joel South owns shares of Schlumberger. Taylor Muckerman owns shares of Halliburton and SolarCity. The Motley Fool recommends Halliburton, Seadrill, and SolarCity and owns shares of Devon Energy, General Electric, Seadrill, and SolarCity. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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