In the Energy Information Administration’s latest report, total domestic crude stocks fell by 4.8 million bbl last week. Despite the drop to 423 million bbl, stocks are approximately 21.5 million bbl higher than were they were at the end of August 2018. The higher inventory levels have contributed to cheaper crude prices, helping to keep gas prices less expensive than last summer. If crude inventories remain high, especially as gasoline demand drops with the fall driving season, pump prices could be as cheap as $2.40 this fall. That’s another 17 cents cheaper than today’s national average of $2.57.
Crude Stocks Take a Major Step Back As Pump Prices Stabilize