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Oil and Gas Supplies Rise

Stockpiling continues to push prices downward

November 19, 2008

• Feds Consider Gas Tax Hike Even With Low Prices • Oil Rises But Gas Keeps Sinking • Cheap Gas Prices Provide Holiday Cheer • Falling Gas Prices Finally Level Off • Gas Prices Fall Nearly 12 Cents in a Week • Gas Prices at 2005 Levels • OPEC Unable to Stop Gas Prices' Slide • Give Thanks for Falling Gas Prices • Gas Prices Fall Below $2 a Gallon • Oil and Gas Supplies Rise • Gas Prices Accelerate Their Decline • Gasoline Prices Down 19 Cents in a Week • Charlotte Gas Stations Make Refunds to Consumers • Oil Snaps Back As Markets Sense Post-Election Bounce • Gas Prices Settle Still Lower for Weekend • Gasoline Prices Keep Falling • Gas Below $3 Nationwide • Average Gas Price Down to Nearly $3 a Gallon • Gas Prices Drop, Along With Oil • Gas Prices Head Lower as Economy Slows • Gas Price Declines for 9 Days • Gas Prices Continue Downward Trend • Oil Prices Surge By Record $25 a Barrel • Gas Prices Drop for 5 Days • Price-Gouging Probes Spread to 6 States • Investigations of $5 Gas in North Carolina, Florida, and Virginia • Shortages, Price Hikes Follow Ike in Southeast • States Investigate Gasoline Price Gouging Claims • Pumping More U.S. Oil Won't Lower Prices, Consumer Group Says • Oil Prices Fall, Gas Prices Surge • Gas Prices Slide 8 Percent from Record --- • More ...

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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