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Oil and Gas Supplies Rise

Stockpiling continues to push prices downward

November 19, 2008

Unlike earlier this year, the U.S. has plenty of oil and gasoline on hand. The U.S. Energy Information Administration reports crude oil stockpiles totaled 313.5 million barrels in the week up to November 14, twice as much as industry analysts predicted.

Imports rose by 368,000 barrels per day last week, according to the report.

Meanwhile, the supply of gasoline on hand rose by 500,000 barrels to 198.6 million barrels. Again, that number topped estimates and makes for three straight weeks that supplies have increased.

Heating oil supplies also increased, rising 400,000 barrels to 42.1 million barrels. Those numbers were recorded before winter-like weather hit the northeast, however, which is likely to boost demand.

Rising supplies keeps downward pressure on prices. The national average price of a gallon of unleaded gas Wednesday is $2.047, down two cents from Tuesday and down more than a dime from the weekend.

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