Then why are gasoline prices nearly 9% lower than they were last year this time? [1] That's 9% directly into American's pocketbooks.
The glut I'm speaking of is the one in the world markets.
If US producers have a bigger market, they will produce more oil, which results in, well, more oil.
More oil produced from the US will require less oil produced from elsewhere to balance (in the world markets), or there will be a glut.
1. https://ycharts.com/indicators/gas_price
Then why are gasoline prices nearly 9% lower than they were last year this time? [1] That's 9% directly into American's pocketbooks.
The glut I'm speaking of is the one in the world markets.
If US producers have a bigger market, they will produce more oil, which results in, well, more oil.
More oil produced from the US will require less oil produced from elsewhere to balance (in the world markets), or there will be a glut.
1. https://ycharts.com/indicators/gas_price