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

Exxon Mobil Corp.’s push to export U.S. oil overseas is facing a new obstacle: falling gasoline prices.

A flood of new oil from Texas to the Great Plains has swamped refineries, driving down prices at the pump 10 percent since March, while global oil prices have hovered at about $107 a barrel. That suggests the world crude market is having waning influence on U.S. gasoline, which instead is beginning to track lower-priced domestic oil.