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EIA: Huge decline in oil inventories, gasoline inventories drop

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 decreased by 6.5 million barrels to a total of 373.6 million barrels. At 373.6 million barrels, inventories are 18.6 million barrels above last year (5.2%) and are above the upper limit of the average range.

GASOLINE INVENTORIES:
Gasoline inventories decreased by 2.2 million barrels to 207.9 million barrels. At 207.9 million barrels, inventories are down 7.3 million barrels, or 3.4% lower than last year. Here's how individual regions and their gasoline inventory fared last week: East Coast (-1.3mb); Midwest...

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Submitted Aug 01, 2012 By: PD

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albert2008 Champion Author Winnipeg Posts:7,352 Points:1,481,010 Joined:Sep 2008	Message Posted: Aug 5, 2012 8:32:11 AM Ignore albert2008 Report Abuse not good
honda0105 Champion Author Tallahassee Posts:18,624 Points:1,609,520 Joined:Nov 2008	Message Posted: Aug 5, 2012 7:26:08 AM Ignore honda0105 Report Abuse and we're back to August 2008 prices soon. Nothing but greed. No reason for it otherwise.
QualTekGuy Champion Author Illinois Posts:3,066 Points:733,850 Joined:Feb 2007	Message Posted: Aug 3, 2012 6:38:31 AM Ignore QualTekGuy Report Abuse Here comes the price rise.
cssco Champion Author Virginia Posts:7,326 Points:1,751,580 Joined:Feb 2006	Message Posted: Aug 2, 2012 3:36:22 PM Ignore cssco Report Abuse Some one neglected to compute the four week rolling average. Now what do we do without that information, it will make the coming week very difficult, if not impossible.
sparky808 Champion Author Honolulu Posts:3,003 Points:598,710 Joined:Sep 2011	Message Posted: Aug 2, 2012 11:40:47 AM Ignore sparky808 Report Abuse old post
JoeKR Champion Author New Jersey Posts:9,473 Points:1,744,470 Joined:Feb 2006	Message Posted: Aug 2, 2012 11:39:03 AM Ignore JoeKR Report Abuse A decline that leaves us 5% higher than last year hardly merits the screaming headline "Huge decline"!
treehood Champion Author San Diego Posts:2,044 Points:396,760 Joined:May 2011	Message Posted: Aug 2, 2012 9:02:38 AM Ignore treehood Report Abuse I'm not sure I see the evil genius here. We imported less oil because we have very high inventories and prices were also high, hence the inventory fell and we still have very high inventories.
ggg452 Champion Author Manitoba Posts:1,570 Points:331,825 Joined:May 2012	Message Posted: Aug 2, 2012 8:46:05 AM Ignore ggg452 Report Abuse ok
Dennisjk Champion Author Detroit Posts:6,486 Points:1,925,450 Joined:Apr 2006	Message Posted: Aug 2, 2012 8:43:57 AM Ignore Dennisjk Report Abuse You tell them f4driver.
f4driver Champion Author Maine Posts:2,520 Points:684,320 Joined:Aug 2007	Message Posted: Aug 2, 2012 8:15:00 AM Ignore f4driver Report Abuse EIA 2013 budget: $27.2 BILLION taxpayer dollars, to tell us how much oil/gas we have! Does anyone think the federal government has gotten completely out of control?
Legend1500 All-Star Author Midland Odessa Posts:964 Points:568,425 Joined:Jun 2011	Message Posted: Aug 2, 2012 8:14:01 AM Ignore Legend1500 Report Abuse Interesting
Mermaan Champion Author Boston Posts:1,572 Points:421,235 Joined:Apr 2011	Message Posted: Aug 2, 2012 8:13:36 AM Ignore Mermaan Report Abuse But prices are at an all time high.
bluebird1 Champion Author Toronto Posts:15,735 Points:3,108,125 Joined:May 2004	Message Posted: Aug 2, 2012 8:11:16 AM Ignore bluebird1 Report Abuse Yada, yada...its still way better in US than Canada where gas is at least 1.50/gal US more.
Wolfwings Champion Author Delaware Posts:8,740 Points:1,776,465 Joined:May 2004	Message Posted: Aug 2, 2012 8:03:26 AM Ignore Wolfwings Report Abuse PURE G R E E D...
sit Champion Author Cleveland Posts:5,205 Points:1,932,945 Joined:Feb 2006	Message Posted: Aug 2, 2012 8:02:40 AM Ignore sit Report Abuse Prices way up in Ohio. Thanks Washington.
BumpinButch Champion Author Texas Posts:1,606 Points:509,300 Joined:Feb 2009	Message Posted: Aug 2, 2012 8:02:07 AM Ignore BumpinButch Report Abuse No end in sight to our BLIGHT.
SUPPER Champion Author San Bernardino Posts:2,476 Points:1,288,680 Joined:Dec 2004	Message Posted: Aug 2, 2012 8:01:16 AM Ignore SUPPER Report Abuse Going up
freedomsailor Champion Author Naples Posts:2,129 Points:410,670 Joined:Oct 2011	Message Posted: Aug 2, 2012 8:01:16 AM Ignore freedomsailor Report Abuse More political jobs, at our expense.
Minutefan Champion Author Springfield Posts:3,310 Points:1,246,305 Joined:Aug 2004	Message Posted: Aug 2, 2012 8:00:12 AM Ignore Minutefan Report Abuse prices are still inflated
daquanabe Champion Author Houston Posts:1,818 Points:373,900 Joined:Oct 2009	Message Posted: Aug 2, 2012 7:58:56 AM Ignore daquanabe Report Abuse "Huge decline", really? Consumption is down, yet inventories are higher than last year, AND "above the upper limit of the average range." What a bunch of crap!
wt0826 Champion Author Ontario Posts:3,726 Points:836,150 Joined:Jun 2009	Message Posted: Aug 2, 2012 7:58:55 AM Ignore wt0826 Report Abuse ok
merlinCO Champion Author Colorado Posts:1,640 Points:341,395 Joined:Mar 2012	Message Posted: Aug 2, 2012 7:58:24 AM Ignore merlinCO Report Abuse Supply and demand, this is how gas should be priced not what the economy does.
bridgerunner Champion Author Virginia Posts:4,787 Points:1,006,835 Joined:Jul 2009	Message Posted: Aug 2, 2012 7:58:17 AM Ignore bridgerunner Report Abuse "...EIA is just another FEDERAL JOKE, and a waste of taxpayer money..." ---------------------------------------------------------------------------- I think that cableman31 is on to something.
KelHinyee Sophomore Author Columbus Posts:166 Points:194,790 Joined:Jul 2012	Message Posted: Aug 2, 2012 7:57:28 AM Ignore KelHinyee Report Abuse Another reason to pump big bucks into the oil company execs' wallets...
Yankee829 Champion Author Dallas Posts:2,206 Points:559,590 Joined:Sep 2010	Message Posted: Aug 2, 2012 7:57:14 AM Ignore Yankee829 Report Abuse Oh please!!
gravityhurts Champion Author North Carolina Posts:4,093 Points:937,505 Joined:Sep 2008	Message Posted: Aug 2, 2012 7:55:52 AM Ignore gravityhurts Report Abuse more BS
dbecks44 Champion Author Michigan Posts:1,347 Points:432,430 Joined:Jan 2012	Message Posted: Aug 2, 2012 7:55:40 AM Ignore dbecks44 Report Abuse Still a lot there.
deputydog082 Champion Author Detroit Posts:1,786 Points:660,340 Joined:Apr 2011	Message Posted: Aug 2, 2012 7:55:01 AM Ignore deputydog082 Report Abuse gas prices are going thru the roof again!
mustangdaver Champion Author Ontario Posts:2,586 Points:757,900 Joined:Aug 2005	Message Posted: Aug 2, 2012 7:54:45 AM Ignore mustangdaver Report Abuse makes no difference to gas prices ....it really doesn't
mreiff Champion Author Louisville Posts:5,350 Points:1,303,690 Joined:May 2009	Message Posted: Aug 2, 2012 7:54:10 AM Ignore mreiff Report Abuse What a misleading title; oil supplies are still above last year's glut!
Wizrd03 Champion Author Illinois Posts:8,152 Points:1,632,335 Joined:Oct 2008	Message Posted: Aug 2, 2012 7:54:10 AM Ignore Wizrd03 Report Abuse Sure, to make prices go up
craigrm Champion Author Connecticut Posts:1,740 Points:579,330 Joined:Mar 2008	Message Posted: Aug 2, 2012 7:53:17 AM Ignore craigrm Report Abuse Nobama
rnlunder Champion Author Waco Posts:2,321 Points:496,125 Joined:Apr 2011	Message Posted: Aug 2, 2012 7:52:39 AM Ignore rnlunder Report Abuse Take oil and gasoline off of the global commodities markets and you will put the Speculators out of business, stop the see-saw oil and gas prices ans save 56 cents per gallon (estimated Speculator markup) at the pump.
soccerdadMO Champion Author St. Louis Posts:2,446 Points:634,015 Joined:Apr 2011	Message Posted: Aug 2, 2012 7:52:03 AM Ignore soccerdadMO Report Abuse 4/gal on the way here I'm sure
survken Champion Author Indiana Posts:2,487 Points:437,380 Joined:Jul 2010	Message Posted: Aug 2, 2012 7:51:12 AM Ignore survken Report Abuse Hold on tight, here it comes....
autohio Champion Author Ohio Posts:3,775 Points:819,475 Joined:Jan 2011	Message Posted: Aug 2, 2012 7:51:02 AM Ignore autohio Report Abuse Anything to raise prices, huh?
bigLtowing Champion Author Columbus Posts:2,839 Points:592,565 Joined:Aug 2011	Message Posted: Aug 2, 2012 7:50:16 AM Ignore bigLtowing Report Abuse what ever
JamesCalvin Champion Author Lancaster Posts:3,186 Points:519,555 Joined:Nov 2011	Message Posted: Aug 2, 2012 7:48:56 AM Ignore JamesCalvin Report Abuse Up and down, but long term fundamentals reign supreme!
malfrog1 Champion Author South Bend Posts:2,201 Points:549,985 Joined:Feb 2011	Message Posted: Aug 2, 2012 7:46:26 AM Ignore malfrog1 Report Abuse The price just hit $3.99 in Elkhart, Indian this morning.
METEOR49 Champion Author Ontario Posts:2,172 Points:455,225 Joined:Apr 2011	Message Posted: Aug 2, 2012 7:46:24 AM Ignore METEOR49 Report Abuse if you use less oil then pig oil has only one option, raise the price to maintain their obscene profit levels . $166,000 a minute !!!!!!!
swkcpi Champion Author Madison Posts:1,197 Points:103,610 Joined:Nov 2010	Message Posted: Aug 2, 2012 7:45:59 AM Ignore swkcpi Report Abuse Another total crock of $hit.
suportoffroad00 Champion Author Wisconsin Posts:1,033 Points:1,191,695 Joined:Aug 2007	Message Posted: Aug 2, 2012 7:45:18 AM Ignore suportoffroad00 Report Abuse Here go's prices in the $ 4.00 range
cableman31 Champion Author New York Posts:8,833 Points:2,016,800 Joined:May 2004	Message Posted: Aug 2, 2012 7:45:06 AM Ignore cableman31 Report Abuse EIA is just another FEDERAL JOKE, and a waste of taxpayer money.
Topless2012 Champion Author Twin Cities Posts:2,432 Points:481,065 Joined:Jan 2012	Message Posted: Aug 2, 2012 7:45:01 AM Ignore Topless2012 Report Abuse It is a small huge
niceguytx Champion Author Houston Posts:13,695 Points:2,713,510 Joined:Sep 2005	Message Posted: Aug 2, 2012 7:43:56 AM Ignore niceguytx Report Abuse Supply is reducing, so be prepared to conserve.
cutter1330 Champion Author Oklahoma Posts:8,035 Points:1,694,115 Joined:Jul 2005	Message Posted: Aug 2, 2012 7:43:52 AM Ignore cutter1330 Report Abuse Yea right!!!
taxiken Champion Author Twin Cities Posts:5,945 Points:1,546,750 Joined:Feb 2003	Message Posted: Aug 2, 2012 7:43:31 AM Ignore taxiken Report Abuse Get the refineries back running.
blueeye All-Star Author Pennsylvania Posts:765 Points:608,445 Joined:Apr 2008	Message Posted: Aug 2, 2012 7:42:48 AM Ignore blueeye Report Abuse as gas price go up so does the price of food
DougtheEconMan Champion Author Akron Posts:1,903 Points:268,690 Joined:Feb 2008	Message Posted: Aug 2, 2012 7:42:23 AM Ignore DougtheEconMan Report Abuse Overnite a refinery in Tulsa had some kind of incident. Total of four refineries and one pipeline this week are down. Keep your tanks and gas cans full these next several weeks!
Garston Champion Author Maine Posts:2,421 Points:473,765 Joined:Jul 2011	Message Posted: Aug 2, 2012 7:42:22 AM Ignore Garston Report Abuse ok