"U.S. gasoline pump prices are poised to reach their lowest level this year as supply expands to a two-decade seasonal high and winter curbs demand."
"Retail prices sank to a 33-month low of $3.179 a gallon on Nov. 11 before rebounding to $3.287 by Nov. 26. The average price has since fallen in 17 of the past 20 days to $3.222, according to AAA, the largest U.S. motoring club. Wholesale gasoline in markets from Chicago to Texas dropped to as low as 43.75 cents below futures last week, indicating consumers may spend less to fill their tanks through the New Year.
'We’re going to see significant increases in gasoline inventories the next few weeks,' said Andy Lipow, the president of Lipow Oil Associates LLC in Houston, who predicts gasoline will reach $3.15 by the end of the year. 'Refiners will maintain their high rates of utilization while demand declines toward its seasonal low in January and February.'"
Barbara Powell reports for Bloomberg News December 18, 2013.
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