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EIA: Massive decline in crude inventories due to Isaac, oil prices shoot up

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 7.4 million barrels to a total of 357.1 million barrels. At 357.1 million barrels, inventories are 4.0 million barrels above last year (1.1%) and are near the upper limit of the average range.

GASOLINE INVENTORIES:
Gasoline inventories decreased by 2.3 million barrels to 198.9 million barrels. At 198.9 million barrels, inventories are down 9.9 million barrels, or 4.8% lower than last year. Here's how individual regions and their gasoline inventory fared last week: East Coast (+0.3mb); Midwest...


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Submitted Sep 06, 2012 By: PD
Category: GasBuddy Official Blog > Topics Add to favorite topics   Post new topicPost New Topic
Author Topic: EIA: Massive decline in crude inventories due to Isaac, oil prices shoot up Back to Topics
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Alfied
Champion Author Riverside

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Message Posted: Oct 12, 2012 8:33:49 PM

Up and down, up and down, makes the world go around.
Donatelo
Champion Author Dayton

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Message Posted: Sep 27, 2012 8:56:18 AM

ok
flagtown25
Champion Author New Jersey

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Message Posted: Sep 26, 2012 4:49:47 PM

Just another excuse
pricewar
Champion Author Ogden

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Message Posted: Sep 26, 2012 12:53:31 AM

sounds like a barrel of monkeys to me.
albert2008
Champion Author Winnipeg

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Message Posted: Sep 14, 2012 9:44:31 AM

not nice
lile07
Sophomore Author Chicago

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Message Posted: Sep 14, 2012 6:08:09 AM

Good idea
99dakota
Champion Author Providence

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Message Posted: Sep 14, 2012 5:54:18 AM

They sure are shooting up!
albert2008
Champion Author Winnipeg

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Message Posted: Sep 13, 2012 11:30:42 AM

say what you want its plain old greed
darraghON
Sophomore Author Ontario

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Message Posted: Sep 13, 2012 8:42:59 AM

OK if we accept this ANNUAL event we all know about, we forcast will happen EVERY year for some reason causes crude to go up unexpectidly by just over 1%, WHY does gas go up nearly 4%, someone (speculator/ trader) is making us suffer for their greed!
Bonanza
Champion Author Boston

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Message Posted: Sep 11, 2012 6:31:01 AM

Same thing every year
honda0105
Champion Author Tallahassee

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Message Posted: Sep 10, 2012 7:53:19 AM

Doug: and Pig Oil COULD EASILY prevent the breakdown of the refineries. Fires are avoidable with good maintenance and safety measures. Pig Oil does not care to maintain the refineries b/c it means higher prices, more profits (from non-maintenance costs and extra fuel prices).
honda0105
Champion Author Tallahassee

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Message Posted: Sep 10, 2012 7:50:54 AM

lousy excuses. Not like 'cane season happens out of the blue.
retired23
Sophomore Author Oakland

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Message Posted: Sep 9, 2012 2:07:35 AM

A message to "Doug The Econ Man". You have been brainwashed by the Big Oil Pundits and you, in-turn, are trying to brainwash everybody else.
wshutton
Champion Author Albuquerque

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Message Posted: Sep 8, 2012 1:06:02 PM

Any excuse for Romney's Republican friends to get more returns on their investment.
Hilsgal
Champion Author Utah

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Message Posted: Sep 8, 2012 11:15:07 AM

And there is another excuse to raise prices.
gigi1114
Rookie Author New Jersey

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Message Posted: Sep 8, 2012 2:01:11 AM

Oh no!
matthwbar
Champion Author Toledo

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Message Posted: Sep 7, 2012 8:53:18 PM

I'm sure it will cost $$
mdotson
Champion Author Grand Rapids

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Message Posted: Sep 7, 2012 6:38:12 PM

Ouch!
dougtaylor1
Champion Author Phoenix

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Message Posted: Sep 7, 2012 4:39:42 PM

More Clinton math. Just do your job and pump the oil.
Gramps001
Champion Author North Carolina

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Message Posted: Sep 7, 2012 4:19:38 PM

More NINJA math.
DougtheEconMan
Champion Author Akron

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Message Posted: Sep 7, 2012 3:05:38 PM

Dollar index is now down to 80.24. Obama keeps spending, debt and deficits are growing at RECORD pace. As Obama's dollar continues to have downward pressure, oil and gas prices will continue upward pressure!
DougtheEconMan
Champion Author Akron

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Message Posted: Sep 7, 2012 3:04:39 PM

Blaming speculators for high energy prices is like blaming the weatherman for the bad weather!
DougtheEconMan
Champion Author Akron

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Message Posted: Sep 7, 2012 3:04:01 PM

We have a President who publicly stated that $5 would be a good price for gasoline. We a had a candidate that MAY have won the popular vote, in Al Gore. He wrote a book in which he said $5 gas would be a good thing! And many of the posters on this site BLAME speculators? Are you kidding me? Many speculators want four more years of Obama! And of course, Obama loves when YOU blame speculators.
DougtheEconMan
Champion Author Akron

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Message Posted: Sep 7, 2012 3:03:05 PM

KEEP YOUR TANKS FULL! I've Warned for almost two months that "experts" and "pundits" in the field were not understanding why gasoline prices would rise to $4. (Prices were near $3 at the time.) I WARNED that prices would drop some after hitting $4, but NOT MUCH, and that has been the case. Now I WARN, that gas prices will not see the usual drop in prices that they normally see after "driving season". Why?....For months, refineries have been running full steam. MORE than a handful have broken down. Some have caught on fire!!!! Supply/demand condition are under pressure. The tropical storm only added to the EXISTING PROBLEM. It will take weeks and not months to be corrected. Adding to the problem is OBAMA'S weak dollar caused by his record debt and deficit spending. Spending goes up, dollar tends to go down= oil/gas prices tend to go up!!!!!
DaisysMomNC
All-Star Author North Carolina

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Message Posted: Sep 7, 2012 3:03:03 PM

Not really worthy of reading - duh
dieselgus1
Champion Author Montana

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Message Posted: Sep 7, 2012 3:01:24 PM

big shocker, using an event to justify increases.
soccerdadMO
Champion Author St. Louis

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Message Posted: Sep 7, 2012 3:01:04 PM

DUH
cbuck80
Champion Author Massachusetts

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Message Posted: Sep 7, 2012 2:58:14 PM

damn!!!
Agabel
Champion Author Colorado Springs

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Message Posted: Sep 7, 2012 2:55:00 PM

more reason to raise oil and gas prices
GryphonX
Champion Author Nevada

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Message Posted: Sep 7, 2012 2:54:24 PM

And now that Isaac is over, shouldn't prices be DROPPING?!
BeaconLite
Champion Author Ottawa

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Message Posted: Sep 7, 2012 2:54:11 PM

Any excuse to raise prices.
svspyda
Champion Author San Jose

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Message Posted: Sep 7, 2012 2:53:30 PM

as usual to hike to prices
Houckster
Champion Author Atlanta

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Message Posted: Sep 7, 2012 2:53:00 PM

FBI2991 writes: DougtheEconoMan said it all
_____
If you're talking about silliness, yes, he did.
stevekr
Champion Author Oregon

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Message Posted: Sep 7, 2012 2:51:15 PM

ho hum
FBI2991
Champion Author Michigan

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Message Posted: Sep 7, 2012 2:49:21 PM

DougtheEconoMan said it all
Houckster
Champion Author Atlanta

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Message Posted: Sep 7, 2012 2:48:33 PM

EIA is a valuable source of objective information about our supplies of petroleum and the factors affecting our supplies. The only people who want EIA done away with are those who simply have no judgment and believe almost all government is bad.
____
As usual, topics like this are just another reason for a feeding frenzy by the Hard Right who think they know everything.


[Edited by: Houckster at 9/7/2012 2:52:24 PM EST]
hok
Champion Author Los Angeles

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Message Posted: Sep 7, 2012 2:47:55 PM

Yonkers111
Champion Author Scranton

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Message Posted: Sep 7, 2012 2:46:25 PM

Still above the yea before.
BobbyVA
Champion Author Virginia Beach

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Message Posted: Sep 7, 2012 2:44:53 PM

EIA is a worthless govt agency that needs to be done away with to save taxpayer dollars.
gabbygusIN
Champion Author Indiana

Posts:10,466
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Message Posted: Sep 7, 2012 2:44:46 PM

We are now in hurricane season and change over to winter blend is just around the corner also..so get use to high prices!!
firefly09
Champion Author San Diego

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Message Posted: Sep 7, 2012 2:42:38 PM

Keep your tanks full! This is not going to change.
myambro
Champion Author Sacramento

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Message Posted: Sep 7, 2012 2:40:10 PM

ok?
Susieq60
All-Star Author Columbus

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Message Posted: Sep 7, 2012 2:39:51 PM

any old excuse...
DougtheEconMan
Champion Author Akron

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Message Posted: Sep 7, 2012 2:38:29 PM

KEEP YOUR TANKS FULL! I've Warned for almost two months that "experts" and "pundits" in the field were not understanding why gasoline prices would rise to $4. (Prices were near $3 at the time.) I WARNED that prices would drop some after hitting $4, but NOT MUCH, and that has been the case. Now I WARN, that gas prices will not see the usual drop in prices that they normally see after "driving season". Why?....For months, refineries have been running full steam. MORE than a handful have broken down. Some have caught on fire!!!! Supply/demand condition are under pressure. The tropical storm only added to the EXISTING PROBLEM. It will take weeks and not months to be corrected. Adding to the problem is OBAMA'S weak dollar caused by his record debt and deficit spending. Spending goes up, dollar tends to go down= oil/gas prices tend to go up!!!!!
robaloma
Champion Author Houston

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Message Posted: Sep 7, 2012 2:37:23 PM

crazy
adr47
Champion Author Saskatchewan

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Message Posted: Sep 7, 2012 2:35:53 PM

So Yesterday
DougtheEconMan
Champion Author Akron

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Message Posted: Sep 7, 2012 2:35:49 PM

Dollar index is now down to 80.24. Obama keeps spending, debt and deficits are growing at RECORD pace. As Obama's dollar continues to have downward pressure, oil and gas prices will continue upward pressure!
DougtheEconMan
Champion Author Akron

Posts:2,167
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Joined:Feb 2008
Message Posted: Sep 7, 2012 2:34:31 PM

We have a President who publicly stated that $5 would be a good price for gasoline. We a had a candidate that MAY have won the popular vote, in Al Gore. He wrote a book in which he said $5 gas would be a good thing! And many of the posters on this site BLAME speculators? Are you kidding me? Many speculators want four more years of Obama! And of course, Obama loves when YOU blame speculators.
DougtheEconMan
Champion Author Akron

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Message Posted: Sep 7, 2012 2:34:00 PM

Blaming speculators for high energy prices is like blaming the weatherman for the bad weather!
Sammy63
Champion Author Riverside

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Message Posted: Sep 7, 2012 2:33:41 PM

artificial shortages to increase prices.
the song remains the same.
gamalerin
Champion Author Tampa

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Message Posted: Sep 7, 2012 2:33:12 PM

No way. No cheap gas this year.
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