October 24, 2012 by esarsea
ABC News reported this morning that, “America’s oil boom is surging so fast the US could soon overtake Saudi Arabia as the world’s largest producer.” The article goes on to say that US production is on pace to rise 7 percent this year – the fourth straight year of crude increases, and the biggest single-year gain since 1951 (read full article here).
Maybe someone can explain to me why we’ve had 4 straight years of increases in crude oil production in the US, and at the same time (according to the US Energy Information Administration) gas prices have been as follows:
Unleaded Regular Gasoline – Average US Retail Prices
2009: $2.350 per gallon
2010: $2.788 per gallon
2011: $3.527 per gallon
August 2012: $3.707 per gallon
Am I missing something?