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API seeks more domestic oil in market

Feb. 27, 2013 at 7:41 AM
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WASHINGTON, Feb. 27 (UPI) -- The U.S. government needs to increase domestic crude oil production and ensure fuel efficiency and help keep gasoline prices down, trade group API said.

John Felmy, chief economist at the American Petroleum Institute, said putting more U.S. crude oil on the market could reduce price volatility that's in part to blame for higher-than-normal gasoline prices.

"More efficient use of oil, especially as new, more aggressive vehicle fuel efficiency standards are phased in, could help moderate prices," he said. "Consumers also can help trim demand by consolidating trips, planning errands better and carpooling when possible and by ensuring vehicle engines are tuned and tires are properly inflated."

U.S. drivers are paying historically record prices for gasoline. Motor group AAA reports the average price for a gallon of regular unleaded gasoline Wednesday was $3.78, relatively unchanged from Tuesday but 7 cents higher than the same time last year.

Bloomberg News reports Wednesday that gasoline futures for March delivery fell 2.6 percent, the largest decline since the beginning of November.

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