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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

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Alfied Champion Author Riverside Posts:7,945 Points:1,756,485 Joined:Jun 2001	Message Posted: Oct 12, 2012 6:33:49 PM Ignore Alfied Report Abuse Up and down, up and down, makes the world go around.
Donatelo Champion Author Dayton Posts:1,124 Points:293,545 Joined:Apr 2011	Message Posted: Sep 27, 2012 6:56:18 AM Ignore Donatelo Report Abuse ok
flagtown25 Champion Author New Jersey Posts:1,177 Points:493,155 Joined:Oct 2011	Message Posted: Sep 26, 2012 2:49:47 PM Ignore flagtown25 Report Abuse Just another excuse
pricewar Champion Author Ogden Posts:1,945 Points:275,215 Joined:Jul 2012	Message Posted: Sep 25, 2012 10:53:31 PM Ignore pricewar Report Abuse sounds like a barrel of monkeys to me.
albert2008 Champion Author Winnipeg Posts:7,352 Points:1,481,135 Joined:Sep 2008	Message Posted: Sep 14, 2012 7:44:31 AM Ignore albert2008 Report Abuse not nice
lile07 Sophomore Author Chicago Posts:119 Points:442,120 Joined:Jun 2011	Message Posted: Sep 14, 2012 4:08:09 AM Ignore lile07 Report Abuse Good idea
99dakota Champion Author Providence Posts:8,117 Points:2,173,675 Joined:Oct 2006	Message Posted: Sep 14, 2012 3:54:18 AM Ignore 99dakota Report Abuse They sure are shooting up!
albert2008 Champion Author Winnipeg Posts:7,352 Points:1,481,135 Joined:Sep 2008	Message Posted: Sep 13, 2012 9:30:42 AM Ignore albert2008 Report Abuse say what you want its plain old greed
darraghON Sophomore Author Ontario Posts:174 Points:241,330 Joined:Sep 2011	Message Posted: Sep 13, 2012 6:42:59 AM Ignore darraghON Report Abuse 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 Posts:12,093 Points:2,551,980 Joined:Jun 2004	Message Posted: Sep 11, 2012 4:31:01 AM Ignore Bonanza Report Abuse Same thing every year
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Sep 10, 2012 5:53:19 AM Ignore honda0105 Report Abuse 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 Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Sep 10, 2012 5:50:54 AM Ignore honda0105 Report Abuse lousy excuses. Not like 'cane season happens out of the blue.
retired23 Sophomore Author Oakland Posts:237 Points:150,405 Joined:Mar 2012	Message Posted: Sep 9, 2012 12:07:35 AM Ignore retired23 Report Abuse 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 Los Angeles Posts:1,672 Points:925,170 Joined:Mar 2009	Message Posted: Sep 8, 2012 11:06:02 AM Ignore wshutton Report Abuse Any excuse for Romney's Republican friends to get more returns on their investment.
Hilsgal Veteran Author Utah Posts:322 Points:559,025 Joined:Oct 2006	Message Posted: Sep 8, 2012 9:15:07 AM Ignore Hilsgal Report Abuse And there is another excuse to raise prices.
gigi1114 Rookie Author New Jersey Posts:2 Points:265 Joined:Sep 2012	Message Posted: Sep 8, 2012 12:01:11 AM Ignore gigi1114 Report Abuse Oh no!
matthwbar Champion Author Toledo Posts:4,068 Points:1,018,780 Joined:Jun 2007	Message Posted: Sep 7, 2012 6:53:18 PM Ignore matthwbar Report Abuse I'm sure it will cost $$
mdotson Champion Author Grand Rapids Posts:8,651 Points:1,991,040 Joined:Mar 2004	Message Posted: Sep 7, 2012 4:38:12 PM Ignore mdotson Report Abuse Ouch!
dougtaylor1 Champion Author Phoenix Posts:1,751 Points:447,325 Joined:Jun 2011	Message Posted: Sep 7, 2012 2:39:42 PM Ignore dougtaylor1 Report Abuse More Clinton math. Just do your job and pump the oil.
Gramps001 Champion Author North Carolina Posts:5,858 Points:1,365,460 Joined:Feb 2007	Message Posted: Sep 7, 2012 2:19:38 PM Ignore Gramps001 Report Abuse More NINJA math.
DougtheEconMan Champion Author Akron Posts:1,903 Points:268,690 Joined:Feb 2008	Message Posted: Sep 7, 2012 1:05:38 PM Ignore DougtheEconMan Report Abuse 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:1,903 Points:268,690 Joined:Feb 2008	Message Posted: Sep 7, 2012 1:04:39 PM Ignore DougtheEconMan Report Abuse Blaming speculators for high energy prices is like blaming the weatherman for the bad weather!
DougtheEconMan Champion Author Akron Posts:1,903 Points:268,690 Joined:Feb 2008	Message Posted: Sep 7, 2012 1:04:01 PM Ignore DougtheEconMan Report Abuse 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 Posts:1,903 Points:268,690 Joined:Feb 2008	Message Posted: Sep 7, 2012 1:03:05 PM Ignore DougtheEconMan Report Abuse 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 Posts:959 Points:200,850 Joined:Jan 2012	Message Posted: Sep 7, 2012 1:03:03 PM Ignore DaisysMomNC Report Abuse Not really worthy of reading - duh
dieselgus1 All-Star Author Montana Posts:528 Points:482,400 Joined:Oct 2009	Message Posted: Sep 7, 2012 1:01:24 PM Ignore dieselgus1 Report Abuse big shocker, using an event to justify increases.
soccerdadMO Champion Author St. Louis Posts:2,449 Points:634,950 Joined:Apr 2011	Message Posted: Sep 7, 2012 1:01:04 PM Ignore soccerdadMO Report Abuse DUH
cbuck80 Champion Author Massachusetts Posts:1,597 Points:402,005 Joined:Jan 2012	Message Posted: Sep 7, 2012 12:58:14 PM Ignore cbuck80 Report Abuse damn!!!
Agabel Champion Author Colorado Springs Posts:2,575 Points:1,159,485 Joined:Aug 2005	Message Posted: Sep 7, 2012 12:55:00 PM Ignore Agabel Report Abuse more reason to raise oil and gas prices
GryphonX Champion Author Nevada Posts:6,100 Points:1,588,100 Joined:Nov 2007	Message Posted: Sep 7, 2012 12:54:24 PM Ignore GryphonX Report Abuse And now that Isaac is over, shouldn't prices be DROPPING?!
BeaconLite Champion Author Ottawa Posts:1,943 Points:370,250 Joined:Sep 2009	Message Posted: Sep 7, 2012 12:54:11 PM Ignore BeaconLite Report Abuse Any excuse to raise prices.
svspyda Champion Author San Jose Posts:1,673 Points:339,960 Joined:May 2012	Message Posted: Sep 7, 2012 12:53:30 PM Ignore svspyda Report Abuse as usual to hike to prices
Houckster Champion Author Atlanta Posts:9,345 Points:693,460 Joined:Sep 2003	Message Posted: Sep 7, 2012 12:53:00 PM Ignore Houckster Report Abuse FBI2991 writes: DougtheEconoMan said it all _____ If you're talking about silliness, yes, he did.
stevekr Champion Author Sacramento Posts:2,353 Points:690,030 Joined:Jul 2008	Message Posted: Sep 7, 2012 12:51:15 PM Ignore stevekr Report Abuse ho hum
FBI2991 Champion Author Michigan Posts:4,215 Points:1,140,840 Joined:Nov 2008	Message Posted: Sep 7, 2012 12:49:21 PM Ignore FBI2991 Report Abuse DougtheEconoMan said it all
Houckster Champion Author Atlanta Posts:9,345 Points:693,460 Joined:Sep 2003	Message Posted: Sep 7, 2012 12:48:33 PM Ignore Houckster Report Abuse 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 Posts:1,370 Points:1,006,820 Joined:May 2008	Message Posted: Sep 7, 2012 12:47:55 PM Ignore hok Report Abuse √
Yonkers111 Champion Author Scranton Posts:8,331 Points:857,085 Joined:Apr 2007	Message Posted: Sep 7, 2012 12:46:25 PM Ignore Yonkers111 Report Abuse Still above the yea before.
BobbyVA Champion Author Virginia Beach Posts:5,508 Points:1,176,525 Joined:Jul 2009	Message Posted: Sep 7, 2012 12:44:53 PM Ignore BobbyVA Report Abuse EIA is a worthless govt agency that needs to be done away with to save taxpayer dollars.
gabbygusIN Champion Author Indiana Posts:7,241 Points:1,560,850 Joined:Oct 2008	Message Posted: Sep 7, 2012 12:44:46 PM Ignore gabbygusIN Report Abuse 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 Posts:2,497 Points:716,700 Joined:Mar 2009	Message Posted: Sep 7, 2012 12:42:38 PM Ignore firefly09 Report Abuse Keep your tanks full! This is not going to change.
myambro Champion Author Sacramento Posts:3,204 Points:1,052,925 Joined:Mar 2005	Message Posted: Sep 7, 2012 12:40:10 PM Ignore myambro Report Abuse ok?
Susieq60 All-Star Author Columbus Posts:969 Points:128,915 Joined:Sep 2011	Message Posted: Sep 7, 2012 12:39:51 PM Ignore Susieq60 Report Abuse any old excuse...
DougtheEconMan Champion Author Akron Posts:1,903 Points:268,690 Joined:Feb 2008	Message Posted: Sep 7, 2012 12:38:29 PM Ignore DougtheEconMan Report Abuse 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 Posts:2,601 Points:692,375 Joined:Feb 2011	Message Posted: Sep 7, 2012 12:37:23 PM Ignore robaloma Report Abuse crazy
adr47 Champion Author Saskatchewan Posts:5,667 Points:1,178,750 Joined:Nov 2008	Message Posted: Sep 7, 2012 12:35:53 PM Ignore adr47 Report Abuse So Yesterday
DougtheEconMan Champion Author Akron Posts:1,903 Points:268,690 Joined:Feb 2008	Message Posted: Sep 7, 2012 12:35:49 PM Ignore DougtheEconMan Report Abuse 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:1,903 Points:268,690 Joined:Feb 2008	Message Posted: Sep 7, 2012 12:34:31 PM Ignore DougtheEconMan Report Abuse 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 Posts:1,903 Points:268,690 Joined:Feb 2008	Message Posted: Sep 7, 2012 12:34:00 PM Ignore DougtheEconMan Report Abuse Blaming speculators for high energy prices is like blaming the weatherman for the bad weather!
Sammy63 Champion Author Riverside Posts:6,207 Points:1,065,435 Joined:Nov 2006	Message Posted: Sep 7, 2012 12:33:41 PM Ignore Sammy63 Report Abuse artificial shortages to increase prices. the song remains the same.