Excerpt:

The Wall Street Journal December 5, 2013

U.S. Oil Prices Fall Sharply as Glut Forms on Gulf Coast
The Ramifications Could Be Far-Reaching, Including Lower Gasoline Prices for American Drivers
By Russell Gold and Nicole Friedman

The U.S. Gulf Coast—home to the world's largest concentration of petroleum refineries—is suddenly awash in crude oil. So much high-quality U.S. oil is flowing into the area that the price of crude there has dropped sharply in the past few weeks and is no longer in sync with global prices. In fact, some experts believe a U.S. oil glut is coming.

* * *
The ramifications could be far-reaching, including lower gasoline prices for American drivers, rising profits for refineries and growing political pressure on Congress to allow oil exports. But the glut could also hurt the very companies that helped create it: independent drillers, who have reversed years of declining U.S. energy production but face lower prices for their product.