[dx034]

> More likely the price of US gasoline will continue to drift slightly higher toward the rest of the world, as the exports bring the US closer to a normalization with everyone else (emphasis on closer). Those exports are seeking higher prices internationally, which will result in at least somewhat higher domestic prices (dramatically less domestic captive supply).

Crude oil prices are not that dissimilar, European Crude Oil trades only $5/barrel more than WTI (US Oklahoma) Oil. The main reason for the huge difference in prices is taxes. The US has hardly any tax on gasoline whereas in many European countries, taxes make up 60-80% of the fuel price (fuel taxes plus VAT). If you strip out taxes, gasoline in Europe isn't much more expensive than it is in the US. That's also why gasoline prices in the US react sharply in the US if crude oil prices fluctuate whereas in Europe, they usually don't move by more than 10-20%.