Gasoline Prices Fall in September

Energy , Transportation Sep 30, 2013 No Comments

GasolinePrices for gasoline on the New York Mercantile Exchange have fallen roughly 11% in September as supplies reached their highest level in three years and the peak summer driving season ended.

Technology allowing companies to retrieve oil from shale-rock formations has led to abundant, cheap supplies. And the availability of inexpensive oil has enabled refineries to increase their production of gasoline at a rate that has exceeded demand.

Gasoline stockpiles climbed to 216.2 million barrels for the week ended Sept. 20, the highest amount for this time of year since 2010, according to the Energy Information Administration.

At the same time, the market is experiencing a seasonal lull in demand. In the summer, Americans drive more as they take vacations. In the fall, they return to work, meaning the extra gasoline simply isn’t needed right now.

via Gasoline Prices Head Down in September –

Rod Sherkin

Rod is a former senior executive, responsible for Purchasing, for both Pillsbury and Ball Packaging back in the 80’s and 90’s. Since then, he has continued to work in the Purchasing field as both a consultant and founder of the website

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