Gas Supplies Decrease, Oil Prices Increase
Gas supplies have gotten lower in the United States and as a result, oil prices have gone up.
Unleaded gasoline decreased by 2.1 million barrels last week, though it was up 2 percent from last year.
According to a CNN article,
“Prices have been supported by tightening U.S. gasoline stocks ahead of peak summer vacation driving demand, but gasoline led the slide Thursday, dropping 10 cents a gallon, or 6 percent.
Analysts have also identified signals of slowing demand growth in China.
Top world exporter Saudi Arabia has said it wants to help build stocks in time for an expected fourth quarter surge in demand.”
A Wired News article says:
“American drivers will consume an average 9.331 million barrels per day of gasoline this summer, according to the U.S. Energy Information Administration. The forecast from Energy Department’s analytical arm is for the busy summer driving season running from April through September. Memorial Day weekend in late May ushers in the peak driving season.
The expected growth in summer gasoline demand would be above the five-year average, the agency said.”
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