U.S. oil production surges but consumers paying more, WSJ reports

theflyonthewall.com

Soaring U.S. oil production is pushing down domestic benchmark crude prices and delivering a windfall to some refiners and their investors. But it's not helping consumers at the pump, reports the Wall Street Journal. U.S. crude production is expected to rise 12% this year and 8% in 2013, when it will hit the highest level since 1993, according to government figures. The price of West Texas crude, the U.S. benchmark, has fallen 7% this year, held down by rising supplies from new drilling methods. Still, gasoline prices currently average nearly $4 per gallon nationwide.

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