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EIA: Bleeding of crude inventories stops, gasoline inventories 7% higher than last year

GasBuddy Blog -- The Energy Information Administration released its weekly report on the status of petroleum inventories in the United States today.

Here are some highlights:

CRUDE INVENTORIES:
Crude oil inventories increased by 0.4 million barrels to a total of 364.6 million barrels. At 364.6 million barrels, inventories are 9.0 million barrels below last year (2.4%) and are in the upper half of the average range.

GASOLINE INVENTORIES:
Gasoline inventories increased by 0.8 million barrels to 223.5 million barrels. At 223.5 million barrels, inventories are up 15.6 million barrels, or 7.5% higher than one year ago. Here's how individual regions and their gasoline inventory fared last week: East Coast (-0.8mb); Midwest...


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Submitted Jul 31, 2013 By: PD
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Author Topic: EIA: Bleeding of crude inventories stops, gasoline inventories 7% higher than last year Back to Topics
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honda0105
Champion Author Tallahassee

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Message Posted: Aug 3, 2013 6:22:41 AM

too many lies b/c of statistics. Can't trust PD's figures anymore...
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mwg6275
Champion Author Miami

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Message Posted: Aug 2, 2013 11:46:30 PM

Inventories up should equal prices lower. Banks are now running up the prices.
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fedupp
Champion Author Cleveland

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Message Posted: Aug 2, 2013 1:02:55 PM

driverDave-I pride myself on being accurate-so I took the time to look at the charts,Cheney invaded Iraq on march 20 2003 and oil prices instantly jumped and climbed to the sky peaking at an all time high at $145.00brl in july 2008-the crash brought commodities down for A few months,and as soon as the dems jump started the economy the price went back where is was.It is friday and time for me to go-even though you indirectly called me ignorant,I understand that you are concerned about fuel prices-to me the biggest hurdle in getting our economy running again,so I'm over it.
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fedupp
Champion Author Cleveland

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Message Posted: Aug 2, 2013 12:10:16 PM

Our biggest competitor on earth is taking Iraq's oil under our military protection(they say now That Iraq has more high quality crude than anywhere else on earth)--And you blame commodities markets???? and Obama??? this s@it went down 5 years before Obama-and the Bush hate is ignorant???? China now has access to an ocean of incredibly cheap oil-what do we have access to?? $105.00brl oil thats what.
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fedupp
Champion Author Cleveland

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Message Posted: Aug 2, 2013 11:40:55 AM

I have read up on them just like the day of the first Iraq invasion crude oil doubled,but Bush 41 left Saddam alive and fuel prices went back down-----If reading is the order of the day try reading about China developing Iraq's titanic oil reserves at this minute under US military protection---China's oil companies are state owned and they own the leases,they by-pass OPEC and take oil back to China at A tiny fraction of what we pay--try reading about how much it costs to get one barrel of US developed crude out of the ground($80.00 per barrel before profit)Who got the no bid contracts in Iraq? Clinton? Carter?--Who benefits from crude oil more than quadrupling?-people who are invested or involved with oil leases and contracts thats who,the Iraq war was planed long before 911 but you will never find that out listening to fox propaganda.Obama! HA! he sucks but he's A walk in the park compared to the last low lifes.Just like the horrible things Obama is doing now, what W-and especially Cheney did will effect us for decades.Also I am here to learn so tell me what bill you speak of.
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DriverDave
Champion Author Twin Cities

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Message Posted: Aug 1, 2013 2:18:56 PM

fedupp - Maybe you should go read up on commodities markets and what Washington DC has done in relation to them instead of spewing your tired, worn-out, yet still-ignorant Bush-hate.

Oil prices didn't start rising until a year after the Iraq invasion. And the reason oil prices started rising was because of something that happened in Washington DC back in... late 1999. Care to guess which political parties sponsored and voted in large majorities for a particular bill back then? And who was President back then and signed the bill into law? Hint: IT WASN'T GEORGE W. BUSH.
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fedupp
Champion Author Cleveland

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Message Posted: Aug 1, 2013 10:09:08 AM

Not always-we didn't have these problems when Clinton was in office-he developed the oil for food program with Iraq(1996)and worked with OPEC on several occasions,because he understood that without affordable fuel our economy screaches to A halt.These problems started on march 20 2003 and have not let up since(oil was down for A few short months during the peak of the crash fall spring 2008-2009)and the reason for that is you cant make A profit as A US oil developer when oil is $18.00brl-and what presidents were US oil developers? Was it Clinton? Obama? hmm I just cant think of any.
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audreylw
All-Star Author Boston

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Message Posted: Aug 1, 2013 8:58:26 AM

They always increase gas price and their profit no matter what.
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fedupp
Champion Author Cleveland

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Message Posted: Aug 1, 2013 8:12:54 AM

Ten years ago we let the oil men running our country borrow trillions from China to Invade Iraq and shut off any hope for affordable oil in our future.--As you read this China is developing Iraq's enormous oil reserves under the protection of the US millitary--and for those of you who are thinking world market,Chinas oil industry is state owned-to top that off China is becoming VERY friendly with most of the incredibly oil rich countries of the middle east(going as far as to learn their languages and dialects)China is by-passing OPEC and world market prices by developing Iraq's oil directly at A TINY fraction of what oil costs us(I guess thats how the oil pays for the war)---one big problem WE GOT STUCK WITH THE BILL this was all set up 5 years before Obama.We cant even come close to competing with the vast oceans of oil in the middle east,our oil is EXTREMELY expensive to develop.If you really care about our energy future please read about this on line>
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KrsnaDragon
Champion Author Montreal

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Message Posted: Aug 1, 2013 7:05:36 AM

Interesting report.
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gmcgas
Champion Author Atlanta

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Message Posted: Aug 1, 2013 6:30:20 AM

funny inventory higher prices higher, hummmmmmmmm.
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WonderfulMI
Champion Author Michigan

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Message Posted: Aug 1, 2013 6:24:58 AM

When supplies are low, prices are high due to scarcity.

When supplies are high, prices are high due to storage costs.
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Jeffro61
Champion Author Cleveland

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Message Posted: Aug 1, 2013 6:12:13 AM

How will they twist this news around to scare the market?
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bikerWI
Champion Author Milwaukee

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Message Posted: Aug 1, 2013 6:10:12 AM

But our price will not go lower.
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alphanyr
Champion Author Connecticut

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Message Posted: Aug 1, 2013 6:04:25 AM

Okay
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Ferdman17
Champion Author Albany

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Message Posted: Aug 1, 2013 6:04:11 AM

Again it's not relative any more as gas prices are not following it.
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kona763
All-Star Author Twin Cities

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Message Posted: Aug 1, 2013 6:01:30 AM

I thought I just read last week inventories were lower.
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chuckohio
Champion Author Columbus

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Message Posted: Aug 1, 2013 6:01:23 AM

Then why are gas prices still so high?
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aburns20
Champion Author Virginia Beach

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Message Posted: Aug 1, 2013 5:58:16 AM

Would like to see prices drop accordingly
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jppezz
Champion Author New Mexico

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Message Posted: Aug 1, 2013 5:58:02 AM

It's the policies of this administration that keep gas prices higher then they should be.
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BEngr
Champion Author Illinois

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Message Posted: Aug 1, 2013 5:57:06 AM

I'll be waiting till lower gas prices show up at the pump.
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EJH22
Champion Author Detroit

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Message Posted: Aug 1, 2013 5:55:41 AM

ok
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jeff95519
Champion Author California

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Message Posted: Aug 1, 2013 5:54:07 AM

so then what
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Janetique
Champion Author Virginia Beach

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Message Posted: Aug 1, 2013 5:54:04 AM

Time to lower prices.
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Petrock
Champion Author Lexington

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Message Posted: Aug 1, 2013 5:52:35 AM

With both oil and gasoline inventories up it must be time for prices to jump!
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oas
Champion Author Maryland

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Message Posted: Aug 1, 2013 5:52:26 AM

Doesn't seem to have any impact on pump prices.
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ClassicWheeler
Champion Author Montgomery

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Message Posted: Aug 1, 2013 5:51:21 AM

Doesn't make any sense. This is not how the economic formula works, but seems to be the norm.
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mcmonsta
Champion Author Honolulu

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Message Posted: Aug 1, 2013 5:50:48 AM

even so, prices still on the rise....but why?
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sappie
Champion Author Massachusetts

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Message Posted: Aug 1, 2013 5:48:08 AM

this is nutz.
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w4kh
Champion Author Tennessee

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Message Posted: Aug 1, 2013 5:47:36 AM

So, high pump prices have made the refiners and producers increase outputs, which should help bring prices down a little, but the increase in inventory is too small to make much of a dent
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BeaconLite
Champion Author Ottawa

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Message Posted: Aug 1, 2013 5:46:49 AM

To increase gasoline, we need to refine some oil.
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Rick52
Champion Author Milwaukee

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Message Posted: Aug 1, 2013 5:45:28 AM

And we will still be GOUGED...Just Corruption,GREED,Manipulation..
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kirzon484
Champion Author Atlanta

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Message Posted: Aug 1, 2013 5:43:29 AM

just like a yoyo
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Alderaan
Champion Author Greenville

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Message Posted: Aug 1, 2013 5:42:34 AM

Okay.
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SavingInNC
Champion Author North Carolina

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Message Posted: Aug 1, 2013 5:41:21 AM

Not going down here
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jacob5066
Champion Author College Station

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Message Posted: Aug 1, 2013 5:39:58 AM

Prices stable here and have been for a while
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Lengas
Champion Author Gary

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Message Posted: Aug 1, 2013 5:35:11 AM

Gas price went up 20 cents/gallon here yesterday.
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GallowayGuy
Champion Author Columbus

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Message Posted: Aug 1, 2013 5:34:56 AM

2
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sparkie951
Champion Author Roanoke

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Message Posted: Aug 1, 2013 5:33:08 AM

Get rid of foriegn... Use our own... Let them sell somewhere else.
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donny47
Champion Author New Hampshire

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Message Posted: Aug 1, 2013 5:32:47 AM

ok
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Z06KY
Champion Author Louisville

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Message Posted: Aug 1, 2013 5:30:48 AM

Prices went up here.
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toolman3md
Champion Author Maryland

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Message Posted: Aug 1, 2013 5:28:34 AM

Yesterday's news.
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turbodog
Champion Author Mississippi

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Message Posted: Aug 1, 2013 5:28:32 AM

so managed, little impact on pricing
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metrojeep
Champion Author Fort Worth

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Message Posted: Aug 1, 2013 5:27:44 AM

More numbers
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tomok
Champion Author Portland

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Message Posted: Aug 1, 2013 5:26:40 AM

Bleeding of crude inventories stops, gasoline inventories 7% higher than last year and Big Oil's profits continue to rise at our expense. Big Oil can charge whatever they want at the pump and we will never have any other option but to pay, pay, and pay AND Bleed Bleed Bleed More and More!
Crude oil inventories increased, Gasoline inventories increased, Distillate inventories decreased, Refinery utilization down 1.0% from last week, Total US oil stocks are up 1.4% over last year and there are still high fuel prices at the pump! The fuel prices at the pump should be much lower for 'coming out of the closet' Sneeker666 'spending gone wild' very bad 'in the crapper' socialist economy to recover just a little more than what it's going to do otherwise! EIA, EIA, OOOOO!
Big Oil and Big Gas sells fuel and natural gas on the world market for higher prices. 'Coming out of the closet' Sneeker666 lousy, smoke and mirrors, lack of jobs, dog and pony show and 'in the crapper' economy, the jobs are Not here. Sneeker666 economy is not improving but continues to hurt the population and the job numbers continue to be down!
Can't wait for Sneeker666 to fade away like it was a very bad eight year nightmare!The Sooner, The Better! This Economy and Nation has suffered enough already!!!!!
The US ‘oil and natural gas resources’ belong to the citizens of this country and are to be used by those same citizens! The price at the pump needs to go down to $2/gallon - *$3, *$3.50/gallon or *$4.00 is Not the new low!
**More Refineries are Not the Answer, Stop Exporting Fuel Is the Answer!
*If 'they' can export all that fuel, there are enough refineries already, there are NO need for MORE Refineries!
Take care of the domestic fuel market first and above all else before exporting and selling fuel or natural gas to other countries!
Local fuel prices have come down about 10 cents a gallon so far, how much more?
Drive vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money.
The price of fuel at the pump is too high!
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StrangeLuv
Champion Author Kansas City

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Message Posted: Aug 1, 2013 5:24:46 AM

Supply and demand mean nothing.
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oweno1
Champion Author San Diego

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Message Posted: Aug 1, 2013 5:24:28 AM

and if prices don't decrease, there'e something very wrong here
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afghaned
Champion Author Ottawa

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Message Posted: Aug 1, 2013 5:23:33 AM

Increased supply should lower price.
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mandoid
Champion Author Alabama

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Message Posted: Aug 1, 2013 5:18:07 AM

I agree moenkopi23
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moenkopi23
Champion Author Chicago

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Message Posted: Aug 1, 2013 5:17:16 AM

$2 a gallon for me......
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