17 June 2019

 

The national fuel price average dropped six cents on the week to $2.68 a gallon following a downward trend since the Memorial holiday period, reports AAA.  During the past month, the national average has retreated 18 cents a gallon.  The decline is unusual for this time of year.  Pump prices usually trickle higher during the summer months due to increased demand, says AAA.  However, the latest Energy Information Administration (EIA) report reveals that total domestic gasoline inventories jumped a million barrels last week, helping to push pump prices lower.  In addition, strong production output and increased imports have helped gasoline storage levels grow consistently over the past four weeks.  U.S. inventories remain strong at 485 million barrels; 53 million barrels more than last year at this time. Crude oil, which is currently trading at $52 a barrel, increased slightly last week as a result of an attack on two tankers in the Gulf of Oman.  The attack heightened market fears that rising tensions could continue in the Middle East and negatively impact crude oil availability.  Approximately 20% of global crude supplies flow through this waterway.  For the latest information on fuel prices including weekly commentary, visit www.gasprices.AAA.com.