Gas prices are expected to fall above $5 per gallon in the United States, as the SPR has dropped to their lowest level since 1987

Gas prices are expected to fall above $5 per gallon in the United States, as the SPR has dropped to  ...

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Oil prices in the United States increased on Wednesday, bringing domestic gasoline prices closer to a fresh all-time high, according to Energy Department data indicating the lowest levels of supply in the Strategic Petroleum Reserve in three decades.

The Energy Department said in its regular update that global stocks rose by a stronger than anticipated 2 million barrels last week. Much of that increase was tracked to a 1.7 million decrease in exports, but overall production was still stable at 11.9 million barrels per day.

The refining capacity has risen to the highest level in more than two years, but the White House is considering boosting gasoline supply.

Despite the fact that gasoline prices in the United States, which last week reached an all-time high of $4.955 per gallon, are expected to rise.

After a tragic week of gas prices on almost every town, city, state, and area, more bad news is on the horizon, according to GasBuddy''s head. "It now appears not if, but when, well hit that psychologically high national average."

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Following the Energy Department''s data release, WTI futures contracts for delivery in July, which are closely related to gas prices, closed $2.70 higher on the session.

Brent crude''s contract for August, the global pricing benchmark, ended with $3.01 to reach $123.58 per barrel.

Exxon Mobil (XOM) - Get Exxon Mobil Corporation Reportshares were marked 1.5 percent higher in early Wednesday trading, reaching $104.90, the highest level since 2014, while Chevron (CVX) - Get Chevron Corporation Reportrose 0.7% to $181.40.

President Joe Biden has approved the release of 180 million barrels from the Securities and Exchange Commission (SPR) over the last six months, in order to reduce global crude prices and reduce the supply suffered from Russia''s attack on Ukraine on March 31.

According to Energy Department data, the move marks the third release from the SPR in six months and the largest-ever from the country''s emergency stockpile. The stockpile has now reached its lowest levels since March 1987.

Recent actions to release crude from the emergency store have had the opposite impact on markets, however, as crude prices increased by more than half from the time Biden first received the SPR in late November to the extended increase caused by Russia''s invasion of Ukraine on February 24.

Prior to that, global oil prices increased by 12% in the two weeks following President Barack Obama''s decision to release 30 million barrels from the Securities and Exchange Commission in June of 2011 to compensate supply concerns related to the civil conflict in Libya.

Sanctions on the sale of Russian crude as well as the closure of a key export hub operated by the Caspian Pipeline Consortium, which accounts for about 1% of global output, have also helped lift crude prices.

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