Are we heading for another oil glut? America's refiners just stored away more gasoline in the last month than in nearly any other in a quarter century, according to the U.S. Energy Information Administration.
Storage levels are now nearly back to a record high set a year ago, while at the same time, demand for gasoline is approaching a 15-year low. That means the amount of gasoline in storage can cover demand for 31 days, the most in 22 years,
Before a slight rebound today, gasoline futures lost 3.3 percent Wednesday after the U.S. Energy Information Administration revealed those figures. The market settled Wednesday at a six-week low and off 9.4 percent - less than a month after it hit a one-year high.