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Why Are Gas Prices Increasing Despite Record Crude Production?

Even with the U.S. shale boom in full swing, gas prices continue to rise due to issues happening around the globe.

By Joel South and Taylor Muckerman – May 31, 2014 at 12:30PM EST

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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About the Author

Joel is a University of Washington graduate and covers energy and materials for The Motley Fool. Be sure to follow The Motley Fool's energy and materials Twitter for all your energy and materials coverage. Follow @tmfenergy

XMFTheWhisperer