Gas prices rising but glut coming

The surge of violence in the Middle East is driving up the cost of gas at the pump, but the higher costs might be contained to the summer months, according to reporting by CNNMoney.
 
The International Energy Agency states that demand for gasoline is predicted to decrease by 1 percent per year for the rest of the decade because of better fuel efficiency standards and declining consumer demand.
 
The decrease in demand for gasoline is occurring at a time when the U.S. is increasing its output of gasoline-rich oil, although the markets need diesel and jet fuel. This could lead to a glut of gasoline on the market and cause North America to become primarily an exporter, not importer, of oil, the report states.

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