You wouldn’t believe it, but we’re swimming in gasoline…

By Reuters Staff
February 6, 2008

By the looks of the $3-a-gallon prices at the U.S. pumps, you’d think gasoline supplies were running out. Oddly enough, they’re brimming. The latest data from the Energy Information Administration shows inventories have grown to their highest level since 1994, when a gallon of the fuel went for a buck.

Before you become outraged…

The increase in inventories IS expected to push prices lower over the winter, possibly by as much as 50 cents, experts said on Wednesday. The main reason prices are pointing lower and supplies are pointing higher is that Americans — pressured by recent high energy costs and an uncertain economy — appear to be reducing their consumption.  

Comments

If the U.S is swimming in oil . That means the oil was bought at the highest ever prices . When it was cheaper a few months ago , your oil reserves were low . I know I am naive , but is that not a waste of the tax payers money.

 

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