November 24, 2015|
Building Crude Oil Inventories Key Factor in Driving Fuel Prices Down
Motorists should pay the lowest pump prices for the Thanksgiving holiday since 2008, reports AAA. As of November 23, more than half of the U.S. stations surveyed are selling gas for less than $2 per gallon. The latest data from the U.S. Energy Information Administration points to crude oil inventories being up more than 100 million barrels from this time last year. Domestic inventories are nearing all-time record levels, which is a major factor to the downward slide in fuel prices. With abundant supplies, pump prices are expected to remain favorable. AAA projects that the national average will drop from today’s average of $2.07 a gallon to less than $2 a gallon within the next few weeks. For the latest information on fuel prices visit www.fuelgaugereport.com. More than 120,000 fuel outlets participate in the survey.
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