Video: Will gas prices drop soon?
posted at 12:01 pm on February 23, 2013 by Ed Morrissey
Maybe not soon soon, but not too far off, according to Tom Kloza from Oil Price Information Service. We’re producing more domestic crude than in the past 20 years, so this isn’t a crude supply issue; it’s a bottleneck at the refinery stage. Thanks to an “inordinate” amount of routine maintenance taking place at the same time, we’re underproducing gasoline, which is driving the speculative prices up. As demand decreases and the refineries come back to full capacity, Kloza tells CBS that we’ll see gas prices drop — perhaps as late as April 15th, or possibly a month sooner: