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EIA: Big drop in gasoline inventories, massive build of crude

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 7.1 million barrels to a total of 353.4 million barrels. At 353.4 million barrels, inventories are 2.3 million barrels below last year (-0.7%) and are in the upper limit of the average range.

GASOLINE INVENTORIES:
Gasoline inventories decreased by 3.5 million barrels to 223.4 million barrels. At 223.4 million barrels, inventories are up 6.3 million barrels, or 2.9% more than last year. Here's how individual regions and their gasoline inventory fared last week: East Coast (-1.8mb); Midwest...

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Submitted Mar 28, 2012 By: PD

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honda0105 Champion Author Tallahassee Posts:18,650 Points:1,612,445 Joined:Nov 2008	Message Posted: Apr 1, 2012 6:47:39 AM Ignore honda0105 Report Abuse and refineries have the capacity, but it's easier to drive the prices up and then refine more.
albert2008 Champion Author Winnipeg Posts:7,367 Points:1,483,935 Joined:Sep 2008	Message Posted: Mar 31, 2012 7:49:13 AM Ignore albert2008 Report Abuse not good
honda0105 Champion Author Tallahassee Posts:18,650 Points:1,612,445 Joined:Nov 2008	Message Posted: Mar 31, 2012 7:26:55 AM Ignore honda0105 Report Abuse gaw: specutraitors are able to work beyond the reach of American law so they can continue to further their greed.
gawxnative All-Star Author Atlanta Posts:510 Points:229,965 Joined:Aug 2006	Message Posted: Mar 30, 2012 5:51:45 AM Ignore gawxnative Report Abuse Inventories of both crude and gasoline higher than last year/ demand is lower so why the price???
DrCashFlow Champion Author Massachusetts Posts:7,079 Points:1,630,050 Joined:Jun 2008	Message Posted: Mar 29, 2012 5:07:11 PM Ignore DrCashFlow Report Abuse Inventories are routinely overstated to try to keep inflation data lower than reality
judgemobile Champion Author Ohio Posts:7,585 Points:2,448,060 Joined:Nov 2005	Message Posted: Mar 29, 2012 4:44:38 PM Ignore judgemobile Report Abuse All this proves is: 1> figures lie, and 2> liars figure.
sparky808 Champion Author Honolulu Posts:3,013 Points:600,660 Joined:Sep 2011	Message Posted: Mar 29, 2012 12:11:36 PM Ignore sparky808 Report Abuse Thank you for posting.
DarthDadJr Champion Author Virginia Posts:7,322 Points:1,523,370 Joined:Jul 2008	Message Posted: Mar 29, 2012 11:43:16 AM Ignore DarthDadJr Report Abuse I believe this drop in gas inventories is expected because this is time of year that refineries switch production to the Summer blends.
Soglaos Champion Author Virginia Beach Posts:2,771 Points:742,655 Joined:Feb 2011	Message Posted: Mar 29, 2012 11:35:48 AM Ignore Soglaos Report Abuse Hmmm with price so high fewer people buying and fewer traveling. I have cancelled by driving summer vacation
mswillia Champion Author Milwaukee Posts:2,647 Points:574,305 Joined:Feb 2010	Message Posted: Mar 29, 2012 10:47:16 AM Ignore mswillia Report Abuse due to refineries closing for repair
mickeymike Champion Author Pennsylvania Posts:2,850 Points:597,840 Joined:Feb 2011	Message Posted: Mar 29, 2012 10:42:43 AM Ignore mickeymike Report Abuse refineries shut down, inventories decrease! Simple basic management! Why make it when people are not using it as much. We'll wait and when inventories get low, we'll start up our refineries again.And the price will keep going up!
puinsai808 Champion Author Honolulu Posts:3,554 Points:729,255 Joined:May 2011	Message Posted: Mar 29, 2012 10:01:40 AM Ignore puinsai808 Report Abuse We have a refining problem.
Bachias Rookie Author Washington Posts:13 Points:8,335 Joined:Mar 2011	Message Posted: Mar 29, 2012 9:56:27 AM Ignore Bachias Report Abuse Basic economics and it has nothing to do with speculators. We as consumers control the price...You want to know why the price keeps going up? Its because we keep paying the price. Its time to stop paying the gas companies and finding our own alternatives to driving. Only by consumers decreasing consumption and demand will the prices begin to demising.
alwaysridin88 Champion Author Ohio Posts:1,456 Points:568,425 Joined:Jul 2011	Message Posted: Mar 29, 2012 9:32:34 AM Ignore alwaysridin88 Report Abuse So what does this all mean? Really nothing because the speculators are in control and will do what they want.
esorsd Champion Author St. Louis Posts:5,748 Points:1,640,690 Joined:May 2005	Message Posted: Mar 29, 2012 8:26:33 AM Ignore esorsd Report Abuse No matter what happens...the price of gasoline will continue to increase...............
bart_reed Champion Author Los Angeles Posts:3,989 Points:788,555 Joined:Mar 2011	Message Posted: Mar 29, 2012 8:25:03 AM Ignore bart_reed Report Abuse Interesting data. Doesn't change retail prices.
otherdave Champion Author Indiana Posts:3,408 Points:1,272,085 Joined:Oct 2008	Message Posted: Mar 29, 2012 8:24:04 AM Ignore otherdave Report Abuse More smoke and mirrors.
CobraJ All-Star Author Tampa Posts:999 Points:376,205 Joined:Mar 2011	Message Posted: Mar 29, 2012 8:23:48 AM Ignore CobraJ Report Abuse Overall demand here in the U.S. is down and yet prices are still high even though there is surplus in inventory. Something is definitely not right. Just abolish all oil speculators and we wouldn't have to worry about these ridiculously high prices.
us30ride Champion Author Fort Wayne Posts:3,345 Points:715,560 Joined:Apr 2011	Message Posted: Mar 29, 2012 8:23:18 AM Ignore us30ride Report Abuse i don't care.......just get the prices down!!!
Clits All-Star Author Louisiana Posts:866 Points:257,040 Joined:Mar 2005	Message Posted: Mar 29, 2012 8:23:16 AM Ignore Clits Report Abuse well
Wizrd03 Champion Author Illinois Posts:8,167 Points:1,635,260 Joined:Oct 2008	Message Posted: Mar 29, 2012 8:22:34 AM Ignore Wizrd03 Report Abuse More aimless statistics
Sethyl Champion Author Miami Posts:1,768 Points:380,390 Joined:Oct 2009	Message Posted: Mar 29, 2012 8:22:21 AM Ignore Sethyl Report Abuse Bad article. Prices were lower last year, when gas inventories were lower.
mh44s Champion Author Madison Posts:4,404 Points:1,692,890 Joined:May 2006	Message Posted: Mar 29, 2012 8:21:37 AM Ignore mh44s Report Abuse Closing refineries causes the increase in crude oil but decrease in gasoline supply so gas prices go up.
RetFireLT Champion Author Kentucky Posts:2,660 Points:171,185 Joined:Mar 2011	Message Posted: Mar 29, 2012 8:20:49 AM Ignore RetFireLT Report Abuse Ok.
byoftDad Champion Author Columbus Posts:4,452 Points:1,233,375 Joined:Apr 2005	Message Posted: Mar 29, 2012 8:19:32 AM Ignore byoftDad Report Abuse Another stupid report. It stands to reason that if they are closing down refineries that were running at full output to keep up then the gasoline inventory will decrease. This is just another excuse to get gasoline prices over $5 as I have been predicting.
dlemma Champion Author Wyoming Posts:4,121 Points:1,557,945 Joined:Feb 2008	Message Posted: Mar 29, 2012 8:18:33 AM Ignore dlemma Report Abuse If the EPA can get out of private business, our country could thrive.
Gasreaper2012 Champion Author Topeka Posts:2,569 Points:433,600 Joined:Mar 2012	Message Posted: Mar 29, 2012 8:17:27 AM Ignore Gasreaper2012 Report Abuse KU2008 is correct. Gasoline futures are at the highes for the year right now. Gasoline futures are up almost another four cents a gallon this morning.
sdbaroon Champion Author Scranton Posts:4,508 Points:1,488,010 Joined:May 2004	Message Posted: Mar 29, 2012 8:17:14 AM Ignore sdbaroon Report Abuse Gas inventories are down from when (last week?) but up almost 3% over last year, and yet the price increases once again!
plbell627 Champion Author Dayton Posts:5,158 Points:1,205,205 Joined:Mar 2007	Message Posted: Mar 29, 2012 8:17:09 AM Ignore plbell627 Report Abuse Having to much crude to refine into gas shouild bring prices down not up.
eddyp94 Champion Author Ontario Posts:8,163 Points:1,660,835 Joined:Mar 2008	Message Posted: Mar 29, 2012 8:16:18 AM Ignore eddyp94 Report Abuse But will this help lower oil prices...
niceguytx Champion Author Houston Posts:13,706 Points:2,715,460 Joined:Sep 2005	Message Posted: Mar 29, 2012 8:16:15 AM Ignore niceguytx Report Abuse The oil monopoly is controlling prices with refining capacity.
Barfood Champion Author St. Louis Posts:3,311 Points:1,019,630 Joined:Jun 2009	Message Posted: Mar 29, 2012 8:16:15 AM Ignore Barfood Report Abuse Guess this explains the 30% increase in prices...NOT!
GasholeMI Champion Author Lansing Posts:10,154 Points:1,720,915 Joined:Jul 2008	Message Posted: Mar 29, 2012 8:15:55 AM Ignore GasholeMI Report Abuse If Obama won't do anything, all of us should conserve and fill the reserve tanks to the brim. When the arriving crude comes in, it will have no where to go and prices must drop or storage fees kick in.
mikerroy Champion Author Albuquerque Posts:2,581 Points:723,845 Joined:May 2005	Message Posted: Mar 29, 2012 8:15:31 AM Ignore mikerroy Report Abuse OK
gassy4u Champion Author Mobile Posts:3,763 Points:1,326,210 Joined:Sep 2005	Message Posted: Mar 29, 2012 8:14:46 AM Ignore gassy4u Report Abuse The EIA, believable???
nozzle46 Champion Author Little Rock Posts:6,705 Points:1,475,000 Joined:Jul 2006	Message Posted: Mar 29, 2012 8:14:20 AM Ignore nozzle46 Report Abuse The EIA Petroleum This Week report is always a worthwhile read. Helps filter some of the hype and gives some good background info.
putz247 Champion Author Ohio Posts:2,281 Points:514,280 Joined:Aug 2011	Message Posted: Mar 29, 2012 8:14:18 AM Ignore putz247 Report Abuse mm hmm
rippinusoff Champion Author Lexington Posts:7,418 Points:1,490,700 Joined:May 2007	Message Posted: Mar 29, 2012 8:14:07 AM Ignore rippinusoff Report Abuse cude up gas down...so is my wallet
KU2008 Champion Author Nebraska Posts:2,647 Points:439,650 Joined:Mar 2012	Message Posted: Mar 29, 2012 8:13:42 AM Ignore KU2008 Report Abuse This was not a good report. Horrible. Gasoline futures are up another 3 1/2 cents a gallon today because of this gasoline inventories report.
Mariuxus Champion Author Chicago Posts:3,770 Points:1,873,765 Joined:May 2007	Message Posted: Mar 29, 2012 8:13:35 AM Ignore Mariuxus Report Abuse Stop speculators and greed...
TKAP Champion Author North Carolina Posts:1,415 Points:410,235 Joined:Aug 2006	Message Posted: Mar 29, 2012 8:13:29 AM Ignore TKAP Report Abuse this news is old
40mpgsaturn Champion Author Wisconsin Posts:2,500 Points:522,380 Joined:Jun 2011	Message Posted: Mar 29, 2012 8:13:25 AM Ignore 40mpgsaturn Report Abuse And nothing changes except the price at the pump!!
TerrySawchuk All-Star Author British Columbia Posts:850 Points:305,395 Joined:Jun 2011	Message Posted: Mar 29, 2012 8:12:28 AM Ignore TerrySawchuk Report Abuse Sure.
PrepHermit Champion Author New Jersey Posts:8,116 Points:1,647,105 Joined:Aug 2008	Message Posted: Mar 29, 2012 8:11:45 AM Ignore PrepHermit Report Abuse Makes perfect sense, doesn't it?
belladog Champion Author Mobile Posts:2,594 Points:937,945 Joined:May 2007	Message Posted: Mar 29, 2012 8:11:05 AM Ignore belladog Report Abuse sounds like the jones act again
wildddkattt80 Champion Author Phoenix Posts:2,143 Points:432,145 Joined:Jun 2011	Message Posted: Mar 29, 2012 8:10:42 AM Ignore wildddkattt80 Report Abuse This is what amazes me. At the same time, our gas prices keep going up?
TBecker1415 Champion Author Missouri Posts:1,670 Points:349,690 Joined:Nov 2011	Message Posted: Mar 29, 2012 8:10:05 AM Ignore TBecker1415 Report Abuse Sounds like another excuse for higher pump prices.
AAxterra Champion Author Tennessee Posts:3,784 Points:772,360 Joined:Aug 2008	Message Posted: Mar 29, 2012 8:09:57 AM Ignore AAxterra Report Abuse ok
checkum Champion Author St. Louis Posts:7,608 Points:1,477,065 Joined:Jan 2008	Message Posted: Mar 29, 2012 8:09:22 AM Ignore checkum Report Abuse gee, I wonder why....could it be the refineries shutting down or they're not refining at full capacity or maybe the fact we are shipping refined gas to other countries?
DaisysMomNC All-Star Author North Carolina Posts:959 Points:200,850 Joined:Jan 2012	Message Posted: Mar 29, 2012 8:08:10 AM Ignore DaisysMomNC Report Abuse Take care of the home front first - quit exporting so much.