Domestic oil on the rise
The benchmark price for domestic oil topped the international rate for the first time in more than three years Friday, marking a strong turnaround over the past year.
West Texas Intermediate crude — priced in Cushing as the benchmark for domestic crude — closed at $108.47 a barrel Friday, up 43 cents on the day and 7 cents higher than the international standard Brent Crude, which is priced in London.
The shale oil boom that has swept throughout the country over the past five years has depressed the domestic price by as much as $30 a barrel by overrunning Cushing and other storage terminals that did not have the capacity to keep the new oil moving to the Gulf Coast and other refineries. New and expanded pipelines, along with added rail capacity, have helped reduce the backlog.
From Staff Reports