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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:7,487 Points:1,507,735 Joined:Sep 2008	Message Posted: Aug 5, 2012 9:32:11 AM Ignore albert2008 Report Abuse not good
honda0105 Champion Author Tallahassee Posts:18,834 Points:1,638,195 Joined:Nov 2008	Message Posted: Aug 5, 2012 8:26:08 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:3,178 Points:760,365 Joined:Feb 2007	Message Posted: Aug 3, 2012 7:38:31 AM Ignore QualTekGuy Report Abuse Here comes the price rise.
cssco Champion Author Virginia Posts:7,467 Points:1,779,225 Joined:Feb 2006	Message Posted: Aug 2, 2012 4:36:22 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:3,144 Points:625,660 Joined:Sep 2011	Message Posted: Aug 2, 2012 12:40:47 PM Ignore sparky808 Report Abuse old post
JoeKR Champion Author New Jersey Posts:9,609 Points:1,761,815 Joined:Feb 2006	Message Posted: Aug 2, 2012 12:39:03 PM 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:2,184 Points:424,460 Joined:May 2011	Message Posted: Aug 2, 2012 10:02:38 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:1,710 Points:359,525 Joined:May 2012	Message Posted: Aug 2, 2012 9:46:05 AM Ignore ggg452 Report Abuse ok
Dennisjk Champion Author Detroit Posts:6,571 Points:1,949,775 Joined:Apr 2006	Message Posted: Aug 2, 2012 9:43:57 AM Ignore Dennisjk Report Abuse You tell them f4driver.
f4driver Champion Author Maine Posts:2,633 Points:699,405 Joined:Aug 2007	Message Posted: Aug 2, 2012 9:15:00 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:584,025 Joined:Jun 2011	Message Posted: Aug 2, 2012 9:14:01 AM Ignore Legend1500 Report Abuse Interesting
Mermaan Champion Author Boston Posts:1,572 Points:421,235 Joined:Apr 2011	Message Posted: Aug 2, 2012 9:13:36 AM Ignore Mermaan Report Abuse But prices are at an all time high.
bluebird1 Champion Author Toronto Posts:15,874 Points:3,134,850 Joined:May 2004	Message Posted: Aug 2, 2012 9:11:16 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:8,881 Points:1,804,165 Joined:May 2004	Message Posted: Aug 2, 2012 9:03:26 AM Ignore Wolfwings Report Abuse PURE G R E E D...
sit Champion Author Cleveland Posts:5,335 Points:1,959,920 Joined:Feb 2006	Message Posted: Aug 2, 2012 9:02:40 AM Ignore sit Report Abuse Prices way up in Ohio. Thanks Washington.
BumpinButch Champion Author Texas Posts:1,746 Points:537,000 Joined:Feb 2009	Message Posted: Aug 2, 2012 9:02:07 AM Ignore BumpinButch Report Abuse No end in sight to our BLIGHT.
SUPPER Champion Author San Bernardino Posts:2,568 Points:1,314,965 Joined:Dec 2004	Message Posted: Aug 2, 2012 9:01:16 AM Ignore SUPPER Report Abuse Going up
freedomsailor Champion Author Naples Posts:2,269 Points:438,370 Joined:Oct 2011	Message Posted: Aug 2, 2012 9:01:16 AM Ignore freedomsailor Report Abuse More political jobs, at our expense.
Minutefan Champion Author Springfield Posts:3,414 Points:1,272,345 Joined:Aug 2004	Message Posted: Aug 2, 2012 9:00:12 AM Ignore Minutefan Report Abuse prices are still inflated
daquanabe Champion Author Houston Posts:1,913 Points:391,625 Joined:Oct 2009	Message Posted: Aug 2, 2012 8:58:56 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:3,867 Points:863,850 Joined:Jun 2009	Message Posted: Aug 2, 2012 8:58:55 AM Ignore wt0826 Report Abuse ok
merlinCO Champion Author Colorado Posts:1,780 Points:369,095 Joined:Mar 2012	Message Posted: Aug 2, 2012 8:58:24 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:4,927 Points:1,034,535 Joined:Jul 2009	Message Posted: Aug 2, 2012 8:58:17 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:170 Points:205,320 Joined:Jul 2012	Message Posted: Aug 2, 2012 8:57:28 AM Ignore KelHinyee Report Abuse Another reason to pump big bucks into the oil company execs' wallets...
Yankee829 Champion Author Dallas Posts:2,349 Points:587,290 Joined:Sep 2010	Message Posted: Aug 2, 2012 8:57:14 AM Ignore Yankee829 Report Abuse Oh please!!
gravityhurts Champion Author North Carolina Posts:4,234 Points:965,205 Joined:Sep 2008	Message Posted: Aug 2, 2012 8:55:52 AM Ignore gravityhurts Report Abuse more BS
dbecks44 Champion Author Michigan Posts:1,477 Points:459,680 Joined:Jan 2012	Message Posted: Aug 2, 2012 8:55:40 AM Ignore dbecks44 Report Abuse Still a lot there.
deputydog082 Champion Author Detroit Posts:1,911 Points:686,805 Joined:Apr 2011	Message Posted: Aug 2, 2012 8:55:01 AM Ignore deputydog082 Report Abuse gas prices are going thru the roof again!
mustangdaver Champion Author Ontario Posts:2,682 Points:776,970 Joined:Aug 2005	Message Posted: Aug 2, 2012 8:54:45 AM Ignore mustangdaver Report Abuse makes no difference to gas prices ....it really doesn't
mreiff Champion Author Louisville Posts:5,493 Points:1,331,390 Joined:May 2009	Message Posted: Aug 2, 2012 8:54:10 AM Ignore mreiff Report Abuse What a misleading title; oil supplies are still above last year's glut!
Wizrd03 Champion Author Illinois Posts:8,293 Points:1,660,035 Joined:Oct 2008	Message Posted: Aug 2, 2012 8:54:10 AM Ignore Wizrd03 Report Abuse Sure, to make prices go up
craigrm Champion Author Connecticut Posts:1,805 Points:603,780 Joined:Mar 2008	Message Posted: Aug 2, 2012 8:53:17 AM Ignore craigrm Report Abuse Nobama
rnlunder Champion Author Waco Posts:2,321 Points:497,625 Joined:Apr 2011	Message Posted: Aug 2, 2012 8:52:39 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:2,467 Points:653,210 Joined:Apr 2011	Message Posted: Aug 2, 2012 8:52:03 AM Ignore soccerdadMO Report Abuse 4/gal on the way here I'm sure
survken Champion Author Indiana Posts:2,576 Points:449,910 Joined:Jul 2010	Message Posted: Aug 2, 2012 8:51:12 AM Ignore survken Report Abuse Hold on tight, here it comes....
autohio Champion Author Ohio Posts:3,874 Points:845,255 Joined:Jan 2011	Message Posted: Aug 2, 2012 8:51:02 AM Ignore autohio Report Abuse Anything to raise prices, huh?
bigLtowing Champion Author Columbus Posts:2,979 Points:620,265 Joined:Aug 2011	Message Posted: Aug 2, 2012 8:50:16 AM Ignore bigLtowing Report Abuse what ever
JamesCalvin Champion Author Lancaster Posts:3,344 Points:547,255 Joined:Nov 2011	Message Posted: Aug 2, 2012 8:48:56 AM Ignore JamesCalvin Report Abuse Up and down, but long term fundamentals reign supreme!
malfrog1 Champion Author South Bend Posts:2,341 Points:577,685 Joined:Feb 2011	Message Posted: Aug 2, 2012 8:46:26 AM Ignore malfrog1 Report Abuse The price just hit $3.99 in Elkhart, Indian this morning.
METEOR49 Champion Author Ontario Posts:2,312 Points:482,925 Joined:Apr 2011	Message Posted: Aug 2, 2012 8:46:24 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:1,304 Points:110,440 Joined:Nov 2010	Message Posted: Aug 2, 2012 8:45:59 AM Ignore swkcpi Report Abuse Another total crock of $hit.
suportoffroad00 Champion Author Wisconsin Posts:1,065 Points:1,209,210 Joined:Aug 2007	Message Posted: Aug 2, 2012 8:45:18 AM Ignore suportoffroad00 Report Abuse Here go's prices in the $ 4.00 range
cableman31 Champion Author New York Posts:8,917 Points:2,033,655 Joined:May 2004	Message Posted: Aug 2, 2012 8:45:06 AM Ignore cableman31 Report Abuse EIA is just another FEDERAL JOKE, and a waste of taxpayer money.
Topless2012 Champion Author Twin Cities Posts:2,573 Points:508,765 Joined:Jan 2012	Message Posted: Aug 2, 2012 8:45:01 AM Ignore Topless2012 Report Abuse It is a small huge
niceguytx Champion Author Houston Posts:13,835 Points:2,741,190 Joined:Sep 2005	Message Posted: Aug 2, 2012 8:43:56 AM Ignore niceguytx Report Abuse Supply is reducing, so be prepared to conserve.
cutter1330 Champion Author Oklahoma Posts:8,143 Points:1,720,425 Joined:Jul 2005	Message Posted: Aug 2, 2012 8:43:52 AM Ignore cutter1330 Report Abuse Yea right!!!
taxiken Champion Author Twin Cities Posts:6,085 Points:1,574,450 Joined:Feb 2003	Message Posted: Aug 2, 2012 8:43:31 AM Ignore taxiken Report Abuse Get the refineries back running.
blueeye All-Star Author Pennsylvania Posts:795 Points:630,995 Joined:Apr 2008	Message Posted: Aug 2, 2012 8:42:48 AM Ignore blueeye Report Abuse as gas price go up so does the price of food
DougtheEconMan Champion Author Akron Posts:1,913 Points:272,740 Joined:Feb 2008	Message Posted: Aug 2, 2012 8:42:23 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 8:42:22 AM Ignore Garston Report Abuse ok