Categories: Commodities and GoldOil & Gas

Falling Gasoline Hurts Exxon Plan for U.S. Crude Exports

Falling Gasoline Hurts Exxon Plan for U.S. Crude Exports (Bloomberg)

Exxon Mobil Corp. (XOM)’s push to export U.S. oil overseas is facing a new hurdle: falling gasoline prices. A surge of new oil from Texas to the Great Plains has flowed to refineries, driving down prices at the pump 10 percent since March, while global oil prices have hovered at about $107 a barrel. That disparity shows that the influence of the world crude market on U.S. gasoline prices is waning. U.S. supplies are having a greater impact because they’re making up a bigger part of the gasoline market, supplying about 53 percent today, compared with 34 percent less than three years ago.

Paul Dykewicz

Paul Dykewicz is the editor of StockInvestor.com and the editorial director of Eagle Financial Publications in Washington, D.C. He writes and edits for the website, as well as edits investment newsletters, time-sensitive trading alerts and other reports published by Eagle. He also is an accomplished, award-winning journalist who has written for Dow Jones, USA Today and other publications, as well as served as business editor of a daily newspaper in Baltimore. In addition, Paul is the author of the inspirational book, "Holy Smokes! Golden Guidance from Notre Dame's Championship Chaplain." He received his MBA in finance from Johns Hopkins University, where he was a two-time president of the school's Finance Club. In addition, Paul has a bachelor's degree from the University of Michigan and a master's degree in journalism from Michigan State University. Outside of work, Paul volunteers with a faith-based organization to assist the poor in Southeast Washington, D.C., to learn personal finance skills to lift themselves out of debt.