Lower Pump Prices Seen
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Drivers will find more relief at the pump this month, the government said Wednesday.
A strong rise in crude oil inventories to the highest level in almost six years has pushed down the price of oil and, as a result, lowered gasoline costs, according to the Energy Information Administration.
The Energy Department’s analytical arm had forecast that gasoline prices would peak at $2.35 a gallon in May. Fuel prices normally rise through the Memorial Day holiday -- the traditional start of the summer driving vacation season.
Since hitting a record high of $2.28 a gallon three weeks ago, the national average pump price has fallen about 4 cents. The California average for self-serve regular peaked at $2.592 a gallon on April 11 and on Monday was $2.56, according to the EIA.
U.S. crude oil inventories rose to 327 million barrels at the end of last week, the biggest weekly level since July 1999.
Oil for June delivery settled at $50.13 a barrel Wednesday on the New York Mercantile Exchange.
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