Why More U.S. Oil May Not Mean Cheaper U.S. Gas

Oil skeptics like to point out that the U.S. consumes 20 percent of the world’s oil but owns only 2 percent of global reserves. Such lopsided numbers, they insist, destine the U.S. to depend on foreign crude -- unless it slashes its consumption and embraces alternatives. Lately, though, a surge in U.S. oil production appears to have turned the tables.

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