Newspaper article The Topeka Capital-Journal

Futures File: Glut of Gasoline Drops Price to Four-Month Low

Newspaper article The Topeka Capital-Journal

Futures File: Glut of Gasoline Drops Price to Four-Month Low

Article excerpt

Here is this week's edition of Futures File, our weekly commodities wrap-up:

GASOLINE MARKET GUTTED

As Americans enjoyed the Independence Day holiday last weekend, they likely noticed lower gasoline prices as they fueled up their cars and boats.

U.S. refineries have been running near full speed for months, making more gasoline than drivers are using. This led to all-time high gasoline stockpiles -- nearly 10 percent higher than last year. Even if refineries slow down, some analysts expect that prices could stay lower for the foreseeable future as crude oil stockpiles are at record high levels as well.

Gasoline futures, which represent wholesale prices at the New York harbor, without taxes or other costs included, stood Friday at a four-month low of $1. …

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