Oil Prices To Fall? Rising Crude Oil Supply Suggests Potential Future Price Drop

As exciting as it is to learn about new sports cars that hit the market, car enthusiasts are in a constant struggle to comprehend the ever rising cost of fuel.

Today, oil prices experienced a significant drop to just $91.96 per barrel for Wednesday after the U.S. government reported a bigger-than-expected increase in our crude oil supplies. According to analysts of McGraw-Hill Co.'s energy information group, the latest decline is due to reports of crude supply numbers that are reaching nearly double the original forecast.

What's more, Brent crude, a trading classification used to price international varieties of oil, has fallen to 114.14 per barrel on the ICE Futures exchange in London.

Due to the trend of falling oil prices as well as the United States' new found oil surplus, many market observers believe drivers will soon experience a welcomed price drop at the pump.

However, despite barrel prices dipping well below $100, averages prices at the pump have fallen by just a little less than 2 cents at $3.756 per gallon.

A major issue in last night's presidential debate, it seems like gasoline price rates hovering $4 per gallon will remain the new normal for years to come.

[Source: TheRepublic]