A major increase in crude oil and storage capacity issues could overflow into lower gas prices at the pump.
The Energy Department says the increased production has caused an imbalance with storing crude. LSU Director for Energy Studies David Dismukes believes the most immediate way the problem will be addressed is by companies lowering gas prices.
"Once we clear refineries transitioning to summer fuel blends, the market will reflect that imbalance and we'll see the markets put downward pressure on prices," said Dismukes. He says while consumers will certainly welcome the news, oil and gas producers will continue to see less production and jobs through the summer.