According to this update, the fuel rose from an average of $3.855 per gallon on July 13, to $4.001 per gallon on July 20, and $4.096 per gallon on July 27. The July 27 price was $0.612 higher than the price two years ago and $0.973 higher than the year ago price, the fuel update outlined.
The Energy Information Administration reported that US commercial crude oil inventories fell by 7.2 million barrels last week, a decline that significantly surpassed analyst projections, driven by higher refinery throughput and stronger export activity.
Curious Minds Corner
What is a “field” in oil and gas terminology?
A geographic area containing one or more reservoirs of hydrocarbons.