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EIA: Massive rise in crude inventories as refinery utilization jumps

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 8.5 million barrels to a total of 367.6 million barrels. At 367.6 million barrels, inventories are 28.6 million barrels above last year (8.4%) and are near the upper limit of the average range.

GASOLINE INVENTORIES:
Gasoline inventories decreased by 1.4 million barrels to 196.3 million barrels. At 196.3 million barrels, inventories are down 17.8 million barrels, or 8.3% lower than last year. Here's how individual regions and their gasoline inventory fared last week: East Coast (-2.3mb); Midwest...

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Submitted Sep 19, 2012 By: PD

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pricewar Champion Author Ogden Posts:2,075 Points:300,990 Joined:Jul 2012	Message Posted: Sep 25, 2012 9:51:07 PM Ignore pricewar Report Abuse Really... some highlights. whose in charge here?
honda0105 Champion Author Tallahassee Posts:18,818 Points:1,636,245 Joined:Nov 2008	Message Posted: Sep 23, 2012 5:08:00 AM Ignore honda0105 Report Abuse it's so not doing anything to know this... (b/c it's not changing anything at the pumps long term).
Agarre Champion Author Richmond Posts:1,335 Points:263,785 Joined:Feb 2012	Message Posted: Sep 20, 2012 2:44:17 PM Ignore Agarre Report Abuse okie
Double_Golden Champion Author San Francisco Posts:2,690 Points:631,885 Joined:Aug 2011	Message Posted: Sep 20, 2012 12:11:17 PM Ignore Double_Golden Report Abuse but I haven't not see the prices at the pump going south yet...
spiderjay Champion Author Little Rock Posts:4,773 Points:1,283,935 Joined:Oct 2005	Message Posted: Sep 20, 2012 11:55:50 AM Ignore spiderjay Report Abuse they are screwing us
albert2008 Champion Author Winnipeg Posts:7,487 Points:1,507,735 Joined:Sep 2008	Message Posted: Sep 20, 2012 11:42:08 AM Ignore albert2008 Report Abuse not good
ss70 Champion Author Detroit Posts:9,930 Points:1,896,225 Joined:Sep 2005	Message Posted: Sep 20, 2012 6:52:51 AM Ignore ss70 Report Abuse Refineries are flush with lots and lots of cash
OldMan322 Champion Author Illinois Posts:5,282 Points:1,621,155 Joined:Jul 2008	Message Posted: Sep 20, 2012 5:20:16 AM Ignore OldMan322 Report Abuse We don't stand a chance
RUNNINONEMPTYFL Champion Author Florida Posts:1,408 Points:461,800 Joined:May 2011	Message Posted: Sep 20, 2012 4:10:38 AM Ignore RUNNINONEMPTYFL Report Abuse Here we go again...
pitamon Champion Author Philadelphia Posts:4,987 Points:1,849,895 Joined:Sep 2004	Message Posted: Sep 20, 2012 3:23:53 AM Ignore pitamon Report Abuse Gas dropped 6 cents in the greater Philadelphia area, hard to believe.
tomok Champion Author Portland Posts:33,577 Points:2,372,235 Joined:Aug 2006	Message Posted: Sep 20, 2012 3:13:00 AM Ignore tomok Report Abuse Crude oil inventories increased, Gasoline inventories decreased, Distillate inventories decreased, Refinery utilization rose 4.2%, Total US oil stocks are up. The trend for fuel prices at the pump is always up! Big Oil continues to sell fuel and natural gas on the world market for higher prices, there will be NO price reduction for the cost of fuel or natural gas IN the US. 'Coming out of the closet' Chucks lousy, smoke and mirrors, lack of jobs, dog and pony show and in the crapper economy, the jobs are Not here. Chuck's economy is not improving but continues to hurt the population and the job numbers continue to be down – no matter how smoooooth talking Chuck spins those numbers and he can spin them! People will still drive and buy fuel no matter what but it sure helps to have a job too! The US ‘oil and natural gas resources’ belong to the citizens of this country and are to be used by those same citizens! Speculators, manipulators and the banks continue to unfairly and unjustly make the driving public pay higher prices at the pump for their personal benefit. How much will gas prices go up and they will rise, the trend is always up with fuel prices. The price at the pump needs to go down to $2/gallon, $3, $3.50/gallon or $4.00 is Not the new low! Whatever the size or shape of the vehicle, Produce and ‘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! 12/22/2012!
fillerupyeoww Champion Author Columbus Posts:6,009 Points:1,675,945 Joined:Mar 2008	Message Posted: Sep 20, 2012 3:07:02 AM Ignore fillerupyeoww Report Abuse There will be no more cheap fuel of any kind.
Jeffro61 Champion Author Cleveland Posts:2,403 Points:2,309,970 Joined:Oct 2005	Message Posted: Sep 20, 2012 3:04:42 AM Ignore Jeffro61 Report Abuse Speculators will still focus on the decrease in gasoline until the crude is refined.
chuckohio Champion Author Columbus Posts:1,389 Points:278,105 Joined:Aug 2012	Message Posted: Sep 20, 2012 3:04:20 AM Ignore chuckohio Report Abuse Could inventories be down because consumption is down?
Lengas Champion Author Gary Posts:13,693 Points:2,744,500 Joined:Nov 2004	Message Posted: Sep 20, 2012 3:04:04 AM Ignore Lengas Report Abuse Still waiting for a drop in price here
BigBearHug Champion Author Amarillo Posts:2,339 Points:511,830 Joined:Dec 2011	Message Posted: Sep 20, 2012 3:03:32 AM Ignore BigBearHug Report Abuse wow?
dave364 Champion Author Lansing Posts:5,055 Points:1,463,565 Joined:Nov 2007	Message Posted: Sep 20, 2012 3:03:29 AM Ignore dave364 Report Abuse hang all speculators
germainesr Champion Author Columbia Posts:1,266 Points:377,385 Joined:Sep 2008	Message Posted: Sep 20, 2012 3:02:39 AM Ignore germainesr Report Abuse Dropped 4 cents here. Wow !!
GLM4205 Champion Author Toledo Posts:4,182 Points:825,070 Joined:Dec 2010	Message Posted: Sep 20, 2012 3:02:20 AM Ignore GLM4205 Report Abuse Dropped 2 cents only
LeeFree Champion Author Pittsburgh Posts:9,286 Points:2,270,175 Joined:Jun 2005	Message Posted: Sep 20, 2012 3:01:14 AM Ignore LeeFree Report Abuse Dropped 4 cents here as well. What a savings!!
scottydoesnt Champion Author Chicago Posts:3,918 Points:539,995 Joined:Apr 2011	Message Posted: Sep 20, 2012 2:57:57 AM Ignore scottydoesnt Report Abuse Gas has dropped a whopping 4 cents over the last week couple days.
AuburnTim Champion Author Indiana Posts:6,828 Points:1,559,190 Joined:May 2005	Message Posted: Sep 20, 2012 2:57:33 AM Ignore AuburnTim Report Abuse Hasn't changed the price here at all it is still high and holding
ILVET Champion Author Illinois Posts:14,929 Points:2,952,190 Joined:Jan 2005	Message Posted: Sep 20, 2012 2:55:52 AM Ignore ILVET Report Abuse Gas dropped 14 cents here yesterday
quasar502 Champion Author Lansing Posts:3,718 Points:828,075 Joined:Jan 2011	Message Posted: Sep 20, 2012 2:54:33 AM Ignore quasar502 Report Abuse Ridiculous stat when you consider NOONE HAS RUN OUT OF GAS. These stats are just speculator excuses.
P H Champion Author Albany Posts:58,574 Points:2,434,655 Joined:Jan 2004	Message Posted: Sep 20, 2012 2:54:10 AM Ignore P H Report Abuse Prices now backing off highs here.
neptune2008 Champion Author Michigan Posts:8,706 Points:1,696,225 Joined:Aug 2008	Message Posted: Sep 20, 2012 2:52:54 AM Ignore neptune2008 Report Abuse and it rides on our broken backs
Jmac2008 Champion Author Missouri Posts:2,406 Points:906,890 Joined:Dec 2008	Message Posted: Sep 20, 2012 2:50:46 AM Ignore Jmac2008 Report Abuse and yet gas prices continue to rise.
Boo1989 Champion Author Atlanta Posts:7,285 Points:1,370,445 Joined:Oct 2008	Message Posted: Sep 20, 2012 2:50:45 AM Ignore Boo1989 Report Abuse "Somehow we have to figure out how to boost the price of gasoline to the levels in Europe." steven chu, obama's energy secretary.
jeff95519 Champion Author California Posts:2,587 Points:1,380,965 Joined:Sep 2008	Message Posted: Sep 20, 2012 2:49:51 AM Ignore jeff95519 Report Abuse will see
gasandgoAL Champion Author Alabama Posts:7,288 Points:1,616,390 Joined:Sep 2008	Message Posted: Sep 20, 2012 2:47:35 AM Ignore gasandgoAL Report Abuse self reliance is what america needs along with working refineries
Petrock Champion Author Lexington Posts:9,258 Points:2,584,485 Joined:Apr 2005	Message Posted: Sep 20, 2012 2:45:40 AM Ignore Petrock Report Abuse If they could just get that gas price above $4.00 a gallon, THEN maybe they would startup some of those refineries! There just isn't enough profit in gasoline right now!!!
tc316 Champion Author Twin Cities Posts:10,921 Points:1,753,580 Joined:Apr 2007	Message Posted: Sep 20, 2012 2:44:30 AM Ignore tc316 Report Abuse Old news
oas Champion Author Maryland Posts:4,365 Points:2,168,140 Joined:Feb 2005	Message Posted: Sep 20, 2012 2:43:34 AM Ignore oas Report Abuse Oil drops. Gas doesn't.
1Boog Champion Author Lincoln Posts:6,101 Points:1,225,925 Joined:May 2004	Message Posted: Sep 20, 2012 2:43:19 AM Ignore 1Boog Report Abuse get those refineries online now!! With all that crude it is time for fuel to come down out of the sky for a change!!
JLSindy Champion Author Cleveland Posts:3,607 Points:698,265 Joined:Aug 2005	Message Posted: Sep 20, 2012 2:43:04 AM Ignore JLSindy Report Abuse I agree with much of what everyone says.
DblChek Champion Author San Antonio Posts:2,387 Points:625,135 Joined:Jul 2008	Message Posted: Sep 20, 2012 2:42:00 AM Ignore DblChek Report Abuse Drill Here. Refine Here. Sell Here. Employ Here.
aburns20 Champion Author Virginia Beach Posts:3,392 Points:700,005 Joined:Dec 2010	Message Posted: Sep 20, 2012 2:41:44 AM Ignore aburns20 Report Abuse and yesterday's news article stated that inventories were at an all time low...
SUPERSTEVIEO Champion Author Quebec Posts:3,523 Points:787,115 Joined:Oct 2010	Message Posted: Sep 20, 2012 2:41:32 AM Ignore SUPERSTEVIEO Report Abuse this was predictable... increased drilling in teh USA, sales of more efficient cars, and increased gas prices have ALL contributd to this supply glut.... now the fact the gas is lower than it coul dor should be... we are not experiencing a shortage... but a supply control - which is permitting teh gas companies to keep prices high... afterall.. they still need to pay fo their infrastructure, and employees salaries... of course, we can't forget their exhortitant profiyts and management bonuses can we!!!
Dailyrun Champion Author Kentucky Posts:2,116 Points:415,095 Joined:Apr 2012	Message Posted: Sep 20, 2012 2:41:26 AM Ignore Dailyrun Report Abuse Maybe the prices will fall...
Quick68 Champion Author Columbus Posts:8,443 Points:1,252,525 Joined:Dec 2009	Message Posted: Sep 20, 2012 2:41:05 AM Ignore Quick68 Report Abuse The crude inventories are controled by our government for them to be able to control the price of oil & gas. This is part of the power our lawmakers want no matter who gets hurt.
Tiput Champion Author Ottawa Posts:1,980 Points:461,125 Joined:Jul 2011	Message Posted: Sep 20, 2012 2:40:55 AM Ignore Tiput Report Abuse ok
hawkman1950 Champion Author Michigan Posts:2,768 Points:567,280 Joined:Aug 2010	Message Posted: Sep 20, 2012 2:37:11 AM Ignore hawkman1950 Report Abuse There's more oil here than we know what to do with.
ystr Champion Author New Jersey Posts:1,853 Points:374,575 Joined:Apr 2012	Message Posted: Sep 20, 2012 2:35:37 AM Ignore ystr Report Abuse ok
TheeRedRam Champion Author Hartford Posts:3,298 Points:699,360 Joined:Jun 2011	Message Posted: Sep 20, 2012 2:35:17 AM Ignore TheeRedRam Report Abuse Hummm
pbear316 Champion Author Akron Posts:2,155 Points:703,415 Joined:Apr 2011	Message Posted: Sep 20, 2012 2:34:40 AM Ignore pbear316 Report Abuse Oil inventories are up, but gas inventories are down. Think we don't need more refineries?
Buddy2264 Champion Author Tampa Posts:11,792 Points:2,386,695 Joined:Oct 2005	Message Posted: Sep 20, 2012 2:33:16 AM Ignore Buddy2264 Report Abuse So they are refining less ?? and keeping the profits up by selling at a higher price and hoping for volume as we are cutting back. Then if not shipping it off to other countries as finished fuels.
bustermoves Champion Author Fort Worth Posts:3,470 Points:690,625 Joined:Apr 2010	Message Posted: Sep 20, 2012 2:32:26 AM Ignore bustermoves Report Abuse ok
epf Champion Author Grand Rapids Posts:6,469 Points:1,918,060 Joined:May 2004	Message Posted: Sep 20, 2012 2:31:52 AM Ignore epf Report Abuse Like a yo-yo.
4bobux Champion Author Peoria Posts:1,967 Points:411,055 Joined:Mar 2012	Message Posted: Sep 20, 2012 2:31:28 AM Ignore 4bobux Report Abuse up, down, whatever... gas is still way too high.
BEngr Champion Author Illinois Posts:6,846 Points:1,606,740 Joined:May 2008	Message Posted: Sep 20, 2012 2:30:11 AM Ignore BEngr Report Abuse The best news in this article was that crude oil inventories are increasing even when refinery utilization is up. The bad news is that production of gasoline is not matching demand or gasoline inventories would remain constant. This simply means that gas prices will remain high.