Location is key to sting of summer gas prices

U.S. oil independence is picking up steam. In December, the country lost its position as the world’s largest importer of oil, with shale production climbing faster than expected. Net imports fell below 6 million barrels per day, domestic production increased more than 1 million barrels per day and demand declined by about 700,000 barrels per day.

Ohio Senator Sherrod Brown claims that excessive oil speculation is partly to blame for high oil and gas prices and recently called for the Commodity Futures Trading Commission to intervene.

By Tom Lydon: The exchange traded fund that tracks gasoline prices has been on a tear over the past few months on supply disruptions and higher oil prices. However, drivers may soon see some relief as refineries switch out of the summer-grade gas.

From Steve Hayward in the Weekly Standard:

Article written by Prieur du Plessis, editor of the Investment Postcards from Cape Town blog. This post is a guest contribution by Dian Chu, market analyst, trader and author of the EconMatters blog.