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Oil Prices Fall Slightly on Inventory Increase
Gasoline stocks, however, fell 3.6 million barrels to 214 million barrels, although production increased slightly to 8.9 million barrels per day.
US gasoline prices have fallen slightly recently despite being in the $4 range, and the inventory reported knocked down May futures 1.8 percent before rebounding. Further, the Dept. of Energy recently forecast that, on average, gasoline will peak just above $4 per gallon in May and then drop gradually over the summer.
For more on gasoline prices and how they affect your budget, see our gasoline costs page.
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