Take Two for April 4, 2013

Why the US oil boom hasn't lowered prices at the gas pump

California To Raise Gas Tax

Justin Sullivan/Getty Images

Gas prices are displayed as a motorcyclist pumps gas into his motorcycle at a Chevron gas station on March 1, 2013 in San Francisco, California.

Gasoline prices in Southern California have dropped from the near five dollar levels they reached at the beginning of the year, but prices at the pump are still well above $4 per gallon. Meanwhile, the country is reaching the point where it is producing more oil than it imports, mostly thanks to new methods of extracting oil, such as fracking.

So if we suddenly have all this oil, how come we're paying so much for gas? Reporters at Bloomberg News have been asking that question as well. Reporter Asjylyn Loder joins the show with more. 

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