[SierraWasp]

How does your comment and projection square with this in the article?

"Consequently, production has increased, reducing prices for consumers."

My price somewhere in the I-80 corridor between Sacramento and Reno ain't "reducing!" What's up with that?

[ckilmer]

My price somewhere in the I-80 corridor between Sacramento and Reno ain’t “reducing!” What’s up with that?

..............

The article is wrong about prices at the pump. They have not gone down anywhere for anyone and won’t go down anytime soon. Because unlike natural gas where prices are set by local supply and demand—oil prices are set by global supply and demand. (its easier to move around oil around the globe than it is natural gas.)

While US oil production is up—other oil suppliers around the globe face diminished production — and global demand is rising steadily.

Likely oil prices will stay high until a couple more countries learn how to frack which will be a couple of years. (I figure five years but it could be less.)

[thackney]

Led by falling crude oil prices, the projected U.S. annual average regular gasoline retail price, which fell from $3.63/gal in 2012 to an average of $3.51/gal in 2013, will continue to fall to $3.48/gal in 2014 and $3.39 in 2015.

http://www.eia.gov/forecasts/steo/report/us_oil.cfm

U.S. All Grades All Formulations Retail Gasoline Prices
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epm0_pte_nus_dpg&f=m