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EIA: Crude inventories rise to highest since 1990, gasoline inventories fall again

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

Here are some highlights:

CRUDE INVENTORIES:
Crude oil inventories increased by 2.1 million barrels to a total of 381.6 million barrels. At 381.6 million barrels, inventories are 11.3 million barrels above last year (3.1%) and are above the upper limit of the average range.

GASOLINE INVENTORIES:
Gasoline inventories decreased by 2.8 million barrels to 204.3 million barrels. At 204.3 million barrels, inventories are down 1.6 million barrels, or 0.8% lower than last year. Here's how individual regions and their gasoline inventory fared last week: East Coast (N/C); Midwest...

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Submitted May 16, 2012 By: PD

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Donatelo Champion Author Dayton Posts:1,168 Points:307,705 Joined:Apr 2011	Message Posted: May 22, 2012 10:30:31 AM Ignore Donatelo Report Abuse ok
Donatelo Champion Author Dayton Posts:1,168 Points:307,705 Joined:Apr 2011	Message Posted: May 21, 2012 6:23:29 PM Ignore Donatelo Report Abuse yep
Donatelo Champion Author Dayton Posts:1,168 Points:307,705 Joined:Apr 2011	Message Posted: May 20, 2012 11:55:49 AM Ignore Donatelo Report Abuse ok
albert2008 Champion Author Winnipeg Posts:7,487 Points:1,507,735 Joined:Sep 2008	Message Posted: May 20, 2012 9:08:46 AM Ignore albert2008 Report Abuse so let the prices fall
honda0105 Champion Author Tallahassee Posts:18,828 Points:1,637,220 Joined:Nov 2008	Message Posted: May 20, 2012 8:18:02 AM Ignore honda0105 Report Abuse another useless statistic. Just good for causing panic.
papa56NC All-Star Author North Carolina Posts:725 Points:142,760 Joined:Apr 2012	Message Posted: May 17, 2012 11:48:40 PM Ignore papa56NC Report Abuse Gid-r-dun then
sydb7 Champion Author Atlanta Posts:3,657 Points:1,941,890 Joined:Mar 2003	Message Posted: May 17, 2012 11:03:38 PM Ignore sydb7 Report Abuse n/a
my2002m Champion Author Tulsa Posts:6,213 Points:1,697,980 Joined:Jul 2008	Message Posted: May 17, 2012 7:28:53 PM Ignore my2002m Report Abuse But prices at the pump won't fall.
UncaLar Champion Author Indiana Posts:1,936 Points:410,925 Joined:Apr 2005	Message Posted: May 17, 2012 1:12:54 PM Ignore UncaLar Report Abuse Come on gas... time to catch up!
Jebeahm Champion Author Maryland Posts:1,337 Points:482,705 Joined:Mar 2011	Message Posted: May 17, 2012 12:10:14 PM Ignore Jebeahm Report Abuse Still say manipulation
40mpgsaturn Champion Author Wisconsin Posts:2,600 Points:544,980 Joined:Jun 2011	Message Posted: May 17, 2012 9:50:56 AM Ignore 40mpgsaturn Report Abuse Prices are down here to $3.69 but go 20 miles east & prices are $3.79 & 20 miles north are at $3.60??
PettyEddie2012 Champion Author New York City Posts:1,879 Points:375,340 Joined:May 2012	Message Posted: May 17, 2012 9:39:31 AM Ignore PettyEddie2012 Report Abuse The USA consumes around 19 to 20 million barrels of oil PER DAY. An inventory of 381.6 million barrels of crude is only 19.5 days worth of consumption (381.6 divided by 19.5). Of the 19 to 20 million barrels of oil consumed, close to HALF of that is refined into gasoline. The USA consumes close to 10 million barrels of gasoline PER DAY. An inventory of 204.3 million barrels of gasoline is only a little over 20 days worth of consumption (204.3 divided by 10). I fail to see how having only a 19-20 day supply of anything causes the market to think we are "swimming in oversupply" of that item.
5kvdave All-Star Author Los Angeles Posts:688 Points:350,000 Joined:May 2011	Message Posted: May 17, 2012 9:38:43 AM Ignore 5kvdave Report Abuse What will be their next reason to not lower fuel prices.
malfrog1 Champion Author South Bend Posts:2,341 Points:576,935 Joined:Feb 2011	Message Posted: May 17, 2012 9:38:12 AM Ignore malfrog1 Report Abuse SO the prices will rise anyway, in the long term.
MacGyver_1701 Champion Author Indiana Posts:6,975 Points:2,206,320 Joined:Feb 2005	Message Posted: May 17, 2012 9:31:46 AM Ignore MacGyver_1701 Report Abuse at this point, it seems like refineries may be trying to manipulate supply to keep prices high. Crude is not a shortage issue right now.
stpatrickbday Champion Author Albuquerque Posts:1,668 Points:594,375 Joined:Mar 2011	Message Posted: May 17, 2012 9:31:33 AM Ignore stpatrickbday Report Abuse Really?
slgas Champion Author Houston Posts:6,170 Points:1,590,240 Joined:Oct 2008	Message Posted: May 17, 2012 9:30:58 AM Ignore slgas Report Abuse Did the west coast refining problem have any impact on these figures?
Bullseye520 Champion Author Louisville Posts:2,337 Points:695,090 Joined:Apr 2011	Message Posted: May 17, 2012 9:27:58 AM Ignore Bullseye520 Report Abuse So, how will this effect the pump price?
RADIOCANADA499 Champion Author Ontario Posts:2,478 Points:804,630 Joined:Aug 2005	Message Posted: May 17, 2012 9:24:06 AM Ignore RADIOCANADA499 Report Abuse ok
5Golfer8 Champion Author Tucson Posts:2,263 Points:326,925 Joined:Jun 2011	Message Posted: May 17, 2012 9:23:32 AM Ignore 5Golfer8 Report Abuse Obamas artificial shortage to keep prices high and you a slave to the government.
Jakster Champion Author Allentown Posts:1,020 Points:489,565 Joined:Mar 2005	Message Posted: May 17, 2012 9:23:05 AM Ignore Jakster Report Abuse Stop closing refineries and this wouldn't be a problem.
BudsterMO Champion Author Kansas City Posts:3,850 Points:731,630 Joined:Aug 2009	Message Posted: May 17, 2012 9:22:50 AM Ignore BudsterMO Report Abuse More grist for the speculator mill. Stop Oil Speculation (SOS) NOW!
teatiger Champion Author Dallas Posts:2,820 Points:1,504,565 Joined:Nov 2008	Message Posted: May 17, 2012 9:21:37 AM Ignore teatiger Report Abuse lets go for $80 a barrel and $1.43 a gallon! Like when BUSH was in office!!!!
radstoy Champion Author Pennsylvania Posts:16,459 Points:3,220,705 Joined:Feb 2003	Message Posted: May 17, 2012 9:21:02 AM Ignore radstoy Report Abuse just the way "O" wants it.
wt0826 Champion Author Ontario Posts:3,867 Points:863,850 Joined:Jun 2009	Message Posted: May 17, 2012 9:20:36 AM Ignore wt0826 Report Abuse ok
NickoliMB Champion Author Manitoba Posts:2,645 Points:498,895 Joined:Dec 2011	Message Posted: May 17, 2012 9:20:25 AM Ignore NickoliMB Report Abuse Exactly BCM1. In comparison we are way down in consumption, but just cut back at the refineries to lessen output and then screw the customer with ridiculous price hikes.
chvytruk All-Star Author Kentucky Posts:781 Points:382,785 Joined:Sep 2006	Message Posted: May 17, 2012 9:20:19 AM Ignore chvytruk Report Abuse In a free-market economy, increased supplies should result in lower prices. In the Obama economy, increased supplies result in higher prices.
indyjim Champion Author Indianapolis Posts:10,268 Points:2,347,130 Joined:Jul 2006	Message Posted: May 17, 2012 9:20:13 AM Ignore indyjim Report Abuse This indicates to me that the refineries are selling off their stash to improve profit margins.
mikerroy Champion Author Albuquerque Posts:2,696 Points:748,150 Joined:May 2005	Message Posted: May 17, 2012 9:20:01 AM Ignore mikerroy Report Abuse It's all "Smoke and Mirrors", they move inventories around, shut down 2 or more refineries at the same time and other tricks to give the perception of a shortage and, keep the price of gas high.
AC-302 Champion Author Los Angeles Posts:26,845 Points:2,929,045 Joined:Aug 2004	Message Posted: May 17, 2012 9:19:52 AM Ignore AC-302 Report Abuse Prices are rising, not falling here in LaLa land.
dopster Champion Author Toledo Posts:7,443 Points:2,319,950 Joined:Aug 2004	Message Posted: May 17, 2012 9:19:23 AM Ignore dopster Report Abuse Yup!
CptnCanada Champion Author Saskatoon Posts:7,052 Points:921,580 Joined:Jun 2008	Message Posted: May 17, 2012 9:19:12 AM Ignore CptnCanada Report Abuse Supplies are up demand is down... so the oil companies gotta raise prices to keep profit up ..and pay for storage..
danny999 Champion Author Florida Posts:8,863 Points:1,666,760 Joined:Oct 2008	Message Posted: May 17, 2012 9:19:08 AM Ignore danny999 Report Abuse very slow compared to rest of Bradenton,Fl.Greedy people on Manatee Ave.
bigsranch Champion Author Houston Posts:3,287 Points:1,033,180 Joined:Apr 2007	Message Posted: May 17, 2012 9:18:13 AM Ignore bigsranch Report Abuse Why are crude inventories high and gasoline inventories low, you ask? Lack of refining capacity and the EPA screwing with what capacity we DO have by requiring a zillion different winter and summer "blends".
BCM1 Champion Author Pennsylvania Posts:1,879 Points:786,420 Joined:Jun 2007	Message Posted: May 17, 2012 9:17:43 AM Ignore BCM1 Report Abuse Just another way to announce price hikes.
Hugo40 Champion Author Kentucky Posts:7,764 Points:1,644,705 Joined:Aug 2008	Message Posted: May 17, 2012 9:16:26 AM Ignore Hugo40 Report Abuse Up and down here with no consistent pricing.
techque Champion Author St. Louis Posts:8,795 Points:2,445,380 Joined:Apr 2005	Message Posted: May 17, 2012 9:16:00 AM Ignore techque Report Abuse $6.19/gallon at Chevron is LA !! Refiners are trying to destroy the west coast!!
truckpdlr Champion Author Tucson Posts:3,086 Points:1,123,715 Joined:Sep 2009	Message Posted: May 17, 2012 9:15:37 AM Ignore truckpdlr Report Abuse At least prices are coming down
scu227 Champion Author New Haven Posts:4,308 Points:799,580 Joined:Feb 2011	Message Posted: May 17, 2012 9:14:54 AM Ignore scu227 Report Abuse Supplies are up and demand is down! That should equate to lower prices.
flghtmedic All-Star Author Pensacola Posts:517 Points:384,705 Joined:Apr 2006	Message Posted: May 17, 2012 9:14:48 AM Ignore flghtmedic Report Abuse Ok
CHEAPERBETTER Veteran Author Lansing Posts:420 Points:739,125 Joined:Nov 2010	Message Posted: May 17, 2012 9:14:48 AM Ignore CHEAPERBETTER Report Abuse We really need more refineries.
daquanabe Champion Author Houston Posts:1,913 Points:391,625 Joined:Oct 2009	Message Posted: May 17, 2012 9:13:40 AM Ignore daquanabe Report Abuse Just trying to keep the prices at the pump high.
Zonk Champion Author Michigan Posts:6,621 Points:2,130,465 Joined:Oct 2005	Message Posted: May 17, 2012 9:12:47 AM Ignore Zonk Report Abuse Prices don't always follow inventories.
ModelWarships Champion Author Missouri Posts:5,890 Points:1,251,010 Joined:Jul 2008	Message Posted: May 17, 2012 9:11:50 AM Ignore ModelWarships Report Abuse I just read this yesterday.
thirty8paces Champion Author Baltimore Posts:4,626 Points:1,129,655 Joined:Sep 2008	Message Posted: May 17, 2012 9:09:10 AM Ignore thirty8paces Report Abuse Blah, blah, blah. If they're not refining it, gas prices will be higher than necessary.
Wanda127 Champion Author Florida Posts:2,570 Points:941,325 Joined:May 2010	Message Posted: May 17, 2012 9:09:08 AM Ignore Wanda127 Report Abuse OK
freedomsailor Champion Author Naples Posts:2,269 Points:438,370 Joined:Oct 2011	Message Posted: May 17, 2012 9:08:55 AM Ignore freedomsailor Report Abuse Up, down, up, down. No news there....
twiper1 Champion Author San Diego Posts:7,951 Points:1,632,840 Joined:Oct 2008	Message Posted: May 17, 2012 9:06:31 AM Ignore twiper1 Report Abuse Alright
kyrunner Champion Author Lexington Posts:9,118 Points:1,726,875 Joined:Aug 2008	Message Posted: May 17, 2012 9:05:59 AM Ignore kyrunner Report Abuse I believe this agency should be the first to be on the chopping block as we reduce federal spending.
Hi1 Champion Author Ontario Posts:4,995 Points:1,752,310 Joined:Jun 2007	Message Posted: May 17, 2012 9:05:47 AM Ignore Hi1 Report Abuse Interesting.