API recently hosted a conference call for bloggers about gas prices. John Felmy, API's chief economist, took questions from the bloggers and discussed the many factors that can influence gasoline prices.

Topics discussed included the relationship between crude oil prices and retail gas prices, the ethanol blend and its effects on gas prices, and the impact oil prices could have on the trade deficit. In addition to these topics, John discussed the supply and demand for oil, and addressed both the turmoil in the Middle East and statements that President Obama made during his press conference about energy policy.

In regards to the impact that oil prices could have on the trade deficit, John explained that, "...We have the power to reduce that [the trade deficit]. We can do it by improving our fuel economies, by improving our efficiencies, but also [by] producing more oil here."

The bloggers on the call included:

• Bear, The Absurd Report
• Bob McCarty, Bob McCarty Writes
• Brian Westenhaus, New Energy and Fuel
• Bruce McQuain, The Q and O Blog
• Carter Wood, Shopfloor.org
• Gail Tverberg, The Oil Drum, Our Finite World
• Geoff Styles, Energy Outlook
• Jazz Shaw, Hot Air
• Joy McCann, Little Miss Attila, RightNetwork
• Merv Benson, Prairie Pundit
• Peter Carlock, OPNTalk
• Rich Trzupek, Big Journalism
• Steve Kijak, Rightside VA
• Tina Korbe, The Foundry

For more information about gas prices, I encourage you to listen to the audio recording of the call using the player and follow along with the full transcript below.