U.S. Oil Boom Falls Short of Pump
Gas Prices Stay High Even as Production Surges, as Midwest Can't Dent Global Market; Some Refiners Profit
BY LIAM PLEVEN AND GREGORY ZUCKERMAN
Surging U.S. oil production is driving down domestic benchmark crude prices and delivering a windfall to some refiners and their investors. But the oil boom is providing little relief for consumers at the pump.
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.