This doesn't make a lot sense to me. It is saying foreign oil is more expensive than higher graded Texas Crude. That is why gas price is going up while crude is hitting $34/barrel. My question is why not just transport those Texas Crude to different refineries in America. I bet the cost is lower than the shipping from Saudi. This sounds like a big scam. Someone is making huge spread from this.

Gas prices at the pump is as expensive as when oil was at $70-80 a barrel.

Its robbery. The scam keeps making money for selected few. SInce the oil and gas companies dont need bailout, govt is not able to restrict the executive pay/bonus. There are two reasons for american downfall: housing scam and oil&gas scam.