Oil prices are stuck in a holding pattern, waiting for more definitive data on what comes next. OPEC compliance is helping keep prices afloat, but rising U.S. oil production is acting as a counterweight.
A new problem that has suddenly emerged is the record levels of gasoline sitting in storage. The market has already had to digest the fact that U.S. crude oil stocks were rising, and investors have done their best to explain away the trend. But now gasoline inventories are climbing to unexpected heights.
It would be one thing if crude stocks were rising, perhaps because refiners were going offline for maintenance. But if that were the case, then gasoline stocks would draw down on lower refining runs. But if both crude and refined product inventories are going up at the same time, then there should be some reasons for worry.
In fact, the glut of gasoline is now the worst in 27 years. At 259 million barrels, U.S. gasoline storage levels are now at their highest level since the EIA began tracking the data back in 1990.
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7 comments:
Then there's no excuse for gas to still be over $1.50/per gal. None at all. The oil prices don't warrant the pricing we're seeing right now even. Time for gas companies to stop fleecing Americans!
"worst in 75 years" I would call the inventory levels the BEST in 75 years. .99 a gal, here we come. That'll get those levels back down to normal, and we will quit having to pay those extra storage costs at the pump.
Gas should be 25 cents a Gallon MAX and capped at that !!!
The companys would still make plenti of $$$$$
They have been Rapeing us all for many years !!!!
You have no idea what you're talking about.
Somebody needs to tell Cato(Goose Creek)and Gordy Oil(Tiger Marts) about this. The lower raw fuel goes the higher it is here on the Shore. RYOB rates today (rack price bulk refined fuel) were $1.58 per gal. and the price on the Shore is still $2.23 per. This is the communism the news media refers to and NOT TRUMP. These companies know
here on the Shore there's NO competition and they have a monopoly. As with the electric company YOU PAY the freight and like it.
Shouldn't some of the time spent demonstrating be spent on this topic...something that makes SENSE. Bob Aswell...realist
With the BS ethanol they blend in fuel it wont last long. I hope they leave it unblended because that mess spoils like milk. Just how they want it to.
The big 3 sellers of gasoline in the United States are in collusion (artificially setting price for maximum profit). Nothing at all to do with supply and demand. Congress gets major $$$'s stuffed in their pockets by oil lobbies to look the other way regarding anti trust laws. Our only solution for lowering gasoline prices? Try to NOT buy from the big (3) three. Less income = house of cards - propped up gasoline prices falls apart without sufficient income = every dog for himself = lower prices for us
The Big Three U.S. sellers yearly sales in gallons:
1. Exxon/Mobil 356 billion
2. Chevron 197 billion
3. Conoco Phillips 76 billion
We don't buy? Price fixing starts to fall apart.
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