Oil prices fell below $66 a barrel Wednesday after inventories skyrocketed and consumer confidence fell due to unfavorable economic data.

Crude oil dropped $1.59 or 2.4% to $65.64 a barrel on the New York Mercantile Exchange after sliding more than a dollar Tuesday.

U.S. oil stockpiles jumped to 5.1 million barrels last week due to an 800,000 barrel-a-day increase in imports, after forecasters predicted a decline in inventories as well as lower import activity.

Motor gasoline supplies fell 2.3 million barrels while distillate inventories grew by 2.1 million barrels.

“It’s absolutely incredible. I mean I don’t know what we’re going to do with all this stuff…I don’t know what we’re going to do with all this diesel. We’re running out of places to put it,” Phil Flynn told FOX Business.

Meanwhile, September’s oil delivery fell $3.23 to $64, while futures remain up 43% this year.

Refinery operating at 84.6% capacity, the lowest since May and down 1.5% from the prior week.

Gas prices increased this week at the pump to a new national average of $2.511 a gallon according to the AAA, Wright and Oil Price Information Service.

In Nymex trading, gasoline for August delivery dropped 3.26 cents to $1.878 a gallon, while natural gas for August delivery fell 6 cents to $3.475 per 1,000 cubic feet.

Shares of energy companies such as Exxon Mobil (XOM), Chevron (CVX) and ConocoPhillips (COP) were lower midafternoon in the wake of the inventory report. 

Gold futures fell Wednesday as well as a result of lower oil prices. August delivery ticked down $8.30, or 0.9% to $930.80 an ounce in Nymex trading’s Comex division. Gold prices fell to $925.20, slipping from July 15 price of $940.90 per troy ounce.