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Summer Gas Prices Headed Higher as Producers Draw Huge Oil Supply

Date:
May 21, 2014
Source:
TheStreet / Powered by NewsLook.com
Summary:
The Energy Information Energy on Wednesday reports crude oil inventories drew by 7.2 million barrels, which was far more than analysts' expectation of just more than 5,000 barrels drawn. Spartan Commodity Partners CEO Alan Harry tells TheStreet's Joe Deaux that oil prices should have plummeted on the news, but widespread worries about Russia and Ukraine tensions prevented big selling. Harry also warns ahead of the Memorial Day holiday weekend that gas prices -- the national average is at $3.67 a gallon -- are going to gain as much as 10 cents through the summer. Video provided by TheStreet


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