Oil Prices are Dropping but Don’t Start Your Engines Just Yet

As reported today by the Associated Press, oil prices have dropped below $117 a barrel on the strength of the American dollar. According to the article, “The U.S. Energy Department’s Energy Information Administration reported Wednesday that crude stockpiles grew 2.4 million barrels last week”

While stockpiles of bulk oil increased, we should still be a bit weary of the market. This is a positive sign, but it’s not a bad idea to conserve what we already may have and not take our boats out on the waters based on today’s news. If you were planning on rationing out your trips throughout the spring and summer seasons, I’d recommend keeping to your plans and carefully watching how oil prices change in the coming months. Additionally, this may be the right time to start buying oil in case of an unforeseen price jump.