I expect the dramatic rise in U.S. oil production will continue its extraordinary climb in 2014, which will have an impact on domestic prices for oil and gasoline. But diesel prices on a more global market, so if demand picks up, prices will, too.
U.S. oil prices won't topple $100 a barrel for long.
The ongoing boom in domestic crude production will continue in 2014. In Texas alone, daily production on average already tops that of many OPEC nations. As the surge in production continues, we'll hear increased calls for the U.S. to export its burgeoning supplies. Right now U.S. crude can be exported only to Canada. That's a debate that will likely take much more than a year to play out. But what you can count on next year is that U.S. oil prices won't linger above $100 a barrel for long. We may see brief blips above the triple-digit mark, but the benchmark West Texas Intermediate oil futures price at that level will not be sustained as long as U.S. production continues to rise.