Oil prices slid 12 percent on Wednesday, the largest percentage drop in seven years, after a U.S. government report showed crude inventories rose much more than expected in the world’s top energy consumer.

Crude oil stocks swelled by 6.7 million barrels, the U.S. Energy Information Administration said, more than seven times the 900,000-barrel increase analysts had expected.

Gasoline and distillate stocks also rose as refinery utilization climbed and demand remained sluggish.

U.S. crude for February delivery settled at $42.63 a barrel, down $5.95 or 12.25 percent, the biggest single-day loss, percentage-wise, since prices plunged 15.25 percent on September 24, 2001.

Oil demand declines

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Motorists are driving less and buying less gasoline, which means fuel taxes aren’t raising enough money to keep pace with the cost of road, bridge and transit programs.

That has the federal commission that oversees financing for transportation talking about increasing the federal fuel tax.

A 50 percent increase in gasoline and diesel fuel taxes is being urged by the commission to finance highway construction and repair until the government devises another way for motorists to pay for using public roads.

Congress continues to screw the consumer

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The average national price of gasoline fell 9 cents in the past two weeks, bringing it to its lowest point in nearly five years, according to a national survey released Sunday.

Low gas prices

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The price of New York oil sank under 34 dollars per barrel on Friday for the first time for more than four and a half years.

I can’t help but think that these prices maybe payback for the ripoff of $4.00 per gallon gas this year.  I have no sympathy for the oil-rich countries or the oil corporations. They all are responsible for putting a lot of Americans in a financial bind this year.

Oil prices slump

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Gulf Oil CEO Joe Petrowski said on Wednesday that the price of oil could sink to $20 per barrel, and there is a chance gasoline prices could drop as low as $1 per gallon by early next year.

How low will gas go?

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