National Average Price for Regular Unleaded – Current: $2.139; Month Ago: $2.294; Year Ago: $2.686
National Average Price for Diesel – Current: $2.326; Month Ago: $2.373; Year Ago: $2.754
Crude oil prices will remain low this year and likely to trade between $40 to $60 a barrel until 2020 due to oversupply and slowing demand, Kuwait’s top OPEC representative Nawal al-Fuzaia said on Tuesday. The official also said there will be no emergency meeting on the plunging prices of oil, unless countries both inside and outside the OPEC cartel make a concerted effort to curb production. “Prices will be higher than the current levels between 2020 until 2030,” Ms. Fuzaia, Kuwait’s governor at the Organization of the Petroleum Exporting Countries told reporters on the sidelines of an energy conference in Kuwait City.
Oil prices are approaching the highs of January, after a wider market rout spurred the worst February decline in half a decade. The Organization of Petroleum Exporting Countries and its allies have concluded they will eradicate the oil surplus by September even as investors continue to weigh those comments against surging U.S. crude production. U.S. crude inventories fell by 2.62 million barrels last week, the Energy Information Administration said Wednesday. Analysts had forecast a gain of 3.25 million barrels, and only two of the 12 surveyed had expected a decline. America’s gasoline inventories also tumbled for a third week to the lowest level since late January, while distillate stockpiles contracted for a sixth straight week to the least since December. Click Read More below for additional information.