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Why Do Gasoline Prices Remain High?

CNBC reports that "rumors about the demise of U.S. gasoline demand have been greatly exaggerated."  

"Until late 2013, most energy observers forecast the world's most reliably gas-guzzling market to consume less fuel this year. What was once thought to be a structural decline in demand, however, has proven more durable than expected."  

"As the summer driving season nears, retail gas remains stubbornly lodged near $4 per gallon. According to the Energy Information Administration, gas prices rose for 12 straight weeks through late April, and were 20 cents a gallon higher than the same point last year."  

"So what gives?"  

"'The world's not swimming in crude or gasoline yet,' said Francisco Blanch, commodities strategist at Bank of America-Merrill Lynch, in an interview. 'Despite all the crude and gasoline production in the U.S., international markets are not tagging along.'"

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