19 October 2018
In a surprising development, domestic crude inventories increased last week, which should have a downward effect on prices at the pump. U.S. oil stocks grew by 6.5 million barrels last week, as revealed by the latest Energy Information Administration data. Total crude inventories now sit at 416.4 million barrels, marking the fourth week of consecutive growth and highest level since late June, reports AAA. The larger-than-expected growth in crude levels jolted the market, which had seen prices steadily rising due to concerns about U.S.-Saudi Arabia relations and upcoming U.S.-imposed sanctions on Iran’s crude exports. With continued worries about global crude supply and demand this fall, AAA says that more growth in total crude inventories could reduce concerns and push crude prices lower in the coming weeks, if the trend continues. During the past two weeks, crude oil prices retreated from a yearly high of $76 a barrel down to $69. The average price for gasoline in Nebraska declined four cents during the past week, dropping to $2.82 per gallon. For the latest information on fuel prices, visit www.gasprices.AAA.com.