Oil prices begin to fall

With crude oil inventories above normal the price of light sweet crude continues to fall. Oil fell $ .24 cents today to close at $53.99 per barrel. This is over three dollars off of its high of 57.60 which was reached on March 17. Petroleum supply grew by 5.4 million barrels last week up 9.9% from a year ago. OPEC agreed to increase supply earlier this month by half amillion barrels a day, and they reported that they could increse production by another 500,000 barrels a day if necessary, that is the reason why oil prices are coming down. The average price of gasoline across the country is $2.15 that is up $.40 from this time last year. The need for oil is forecasted to increase 2.2% this year to 84.3 million barrels a day, but if OPEC can keep up with demand and refineries are at maximum output oil prices may come down even more.