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The spike in gasoline prices over the last year in the United States over the last year contributed to the U.S. CPI rising to 9.1% on an annual basis—the highest CPI in decades. But gasoline prices have started to retreat over the last month.
WTI prices, on the other hand, were still up on Wednesday, despite the high inflation numbers and an inventory storage report that showed implied gasoline demand in the United States had fallen by 1.3 million barrels per day. The Energy Information Administration’s report also showed that gasoline inventories rose by 5.8 million barrels per day last week, with the U.S. producing an average of just 8.9 million bpd—down from 10.3 million bpd in the week prior. Crude oil inventories also increased by 3.3 million barrels.
Gasoline prices in the United States are down 2.4 cents on the day, and according to GasBuddy’s Patrick De Haan, it is the 29th straight day of gasoline price drops, with more than 10,000 gas stations in the United States offering gas at less than $4 per gallon.
Over the past month, gasoline prices in the United States have fallen 38.3 cents per gallon.
As for the price of WTI, it was up nearly a percent on the day at $96.72 (+$0.88), despite bearish industry figures. The Brent crude oil benchmark was also up on Wednesday, trading at $100 per barrel, up $0.51 (0.51%) on the day.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.