Energy Supply Figures Offer Glimpse of Economy
Date: 7/29/2010
More investors than usual may be taking a strong interest in the nation's supply of crude oil this week, in part because of last week's sudden increase in supply.

For the week of June 23, the Energy Information Administration reported a nationwide stockpile of about 1.087 billion barrels - marking a significant increase over the 1.08 billion barrels recorded just one week before.

Investors are already skittish about the possibility of a double-dip recession, fueled by falling consumer confidence and shaky manufacturing growth.

Some reasons for the current upswing in oil supply could include consumers cutting back on summer travel to save money, as well as businesses requiring less fuel because of stalled activity. Neither sign would be a welcome one for the overall economy at this point. This is especially the case when considering how this point in the summer is still supposed to be part of the peak driving season.

The EIA also reported an increase in natural gas supplies last week, even as air conditioners remain active in many parts of the country to deal with hot weather. With that in mind, this may be just one more reason to be concerned that the recovery is stalling at best.