(NEW YORK) — The global thirst for oil may be good news for drillers and refiners, but it’s hard on U.S. motorists.
Despite a recent drop in the price of West Texas Intermediate crude, and growing U.S. oil production, gasoline prices in most of the country are still high. The average is around $3.80 a gallon — higher in some East and West Coast states, and lower in the middle part of the country.
Motorists should not expect much price relief soon because the U.S. prices are linked to the global market. Another problem: a shortage of refiners in some regions.
Despite a 10 percent plus rise in domestic oil output in 2012, the strong supply is more than met by soaring demand from overseas. The cost of Brent crude — the benchmark price for the international market — is up 7 percent this year.
Copyright 2012 ABC News Radio
Chris Isidore and Robert Mclean, CNN Newswire
Brian Stelter, CNN Newswire