- The Washington Times - Wednesday, July 27, 2016

Gasoline held in storage around the world is at “near-record” levels, putting downward pressure on gasoline futures but concerning some oil industry watchers, The Wall Street Journal reported Wednesday.

The demand for gasoline has been strong, but not enough keep pace with the supply from oil refineries, which have an overabundance of increasingly cheaper crude oil used to make gasoline, diesel and other fuels, The Journal reported.

One industry watcher told the Journal that the nation is amid a “death spiral” in both oil and gas prices.

“Refiners look at today’s prices and they don’t [yet] see a big disincentive” to churn out more gasoline, energy consultant Charles Kemp told The Journal.

As UPI reported Tuesday, most American motorists have benefited this summer from dropping prices at the pump, with AAA reporting price drops in 47 states. It’s even better in the heartland of the country with double-digit drops in several Midwestern states, UPI reported.

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