GASOLINE PRICES INCHING TOWARD $4 PER GALLON - Never Mind America Is Now Self-Sufficient

(05/24/2014)

COMMENT By Bob Weaver Gasoline costs per gallon have been inching toward the $4 mark during the past two months. According to the Energy Information Administration, gas prices rose for 12 straight weeks through late April, and were 20 cents a gallon higher than the same point last year. In the US, domestic oil and gas production has driven gasoline imports to near zero, while the U.S. is churning out nearly 10 million barrels a day. The political scream in Washington was to have the USA become energy self-sufficient, to drill more. Many believe America's involvement in the Iraq war was over maintaining the oil supply, with politicians saying we must become energy self-sufficient. America has. Despite all this, there has been little relief at the pump due largely to world market control. The mantra to build the Keystone pipeline from Canada will likely mean little in terms of reducing gasoline prices, since the oil will go into the world market. American consumers will be hard pressed to see material benefits in the the shale surge. Energy companies profits will continue to skyrocket in the so-called free market.

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