US drivers could see lower gas prices this year and next as oil supply outpaces demand. The US will continue to ramp up output from record levels, the EIA said.

Oil prices will be under pressure over the next two years as global production growth outpaces demand, the U.S. Energy Information Administration said on Tuesday in its Short-Term Energy Outlook report.

Oil futures settled with a loss on Wednesday after the U.S. Energy Information Administration reported that commercial crude inventories fell for a seventh straight week, but gasoline and distillate stockpiles climbed by more than 6 million barrels each.