U.S. stockpiles of crude oil fell last week for a second week in a row while inventories of fuel products gasoline and distillates rose, a government report said Wednesday. The U.S. crude inventory balance fell by 2.169 million barrels during the week ended Sept. 22, according to the Weekly Petroleum Status Report of the U.S. Energy Information Administration, or EIA. Aside from the headline drop in crude stockpiles, the EIA cited a drop of 0.943M barrels last week at the Cushing, Oklahoma hub that serves as a central delivery and storage point for U.S. crude.
The Federal Reserve is keeping interest rates steady, though left the door open to potential rate hikes in the future. With inflation still above the Fed's 2% target, and gas prices on the rise, consumers are feeling the brunt of inflation. Dennis Lockhart, Former Atlanta Fed President, joins Yahoo Finance to discuss the Fed's decision. Lockhart explains that "what happens at the gas pump factors through to spending on the part of households", which dampens economic activity. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
The national average price for unleaded gasoline in the United States hit a high of $3.88 per gallon on Wednesday, the highest level since October, AAA reports. Despite being significantly lower than the peak of over $5 a gallon in June 2022 following Russia's invasion of Ukraine, this price is still notably higher than historical averages. The price increase has been steady, marking an approximately 20 percent rise since the beginning of the year and over 8 percent since June 1.