If you've stopped for gas lately, you've probably noticed a price jump.
A week ago, the national average for a gallon of regular gas was around $1.70. Now it's about $1.80, according to GasBuddy.com, which tracks prices.
So rising gas prices must reflect shrinking oil supplies, right?
Nope.
The U.S. Energy Information Administration issued its latest "petroleum status"report on Wednesday and said U.S. commercial crude oil inventories are up by 10.4 million barrels from the previous week.
That's a lot — about quadruple what most analysts had predicted in a Platts poll.
"U.S. crude oil inventories are at historically high levels for this time of year," the Energy Information Administration said.
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5 comments:
Locally, up .10 last week, up another .05 early this week, then back down .05 today. There was no support for a price increase last week, but they tried it anyway. They were already overcharging BEFORE they raised the price last week! Headed back down to where it was, in a hurry!
Local stations are selling at cost
Oh, but prices are NEVER manipulated! LOL!
Prices have yet to reflect the low cost of a barrel of oil.
March 4, 2016 at 4:23 PM:
Read the National Petroleum Report that is put out every Wednesday and see what the wholesale cost of gasoline is, and has been, for months, before you make such a blatantly false statement.
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