U.S. crude stocks fall, gasoline up again-EIA

Not logged in [Log In] [Sign Up] [Points Leaders] [My Profile]

Thursday, August 28, 2008 6:54:54 AM

Featured Sponsor

Save 5% on gas All gas purchases get a 5% rebate with the Discover Card* Click here for more info


Add gas prices to your web site. Click here to find out how!

GasBuddy News Article

U.S. crude stocks fall, gasoline up again-EIA Thursday, July 24, 2008
Reuters UK -- NEW YORK, July 23 (Reuters) - U.S. gasoline stocks rose above normal levels last week as demand stayed weak, while crude oil stocks dropped after a sharp decline in imports, a government report showed on Wednesday. U.S. gasoline stocks climbed 2.9 million barrels to 217.1 million barrels in the week to July 18, the Energy Information Administration reported. U.S. gasoline stocks are now above the average range for this time of year, the statistical arm of the Department of Energy said. The rise in gasoline stocks came despite a large decline in refinery utilization, which dropped 2.4 percentage points to 87.1 percent of capacity.
Visit Reuters UK for full article

Message Forum - Read Message

Category: Daily News Article Discussions > Topics		Add to favorite topics Post New Topic
Rate this topic: Low 1 - 2 - 3 - 4 - 5 High Avg rating: 3.0 (1 votes)

Author	Topic: U.S. crude stocks fall, gasoline up again-EIA	Post a Reply Back to Topics

JT Moderator	Message Posted: 7/24/2008 7:48:09 AM	Ignore JT Report Abuse
	Thursday, July 24, 2008 Reuters UK -- NEW YORK, July 23 (Reuters) - U.S. gasoline stocks rose above normal levels last week as demand stayed weak, while crude oil stocks dropped after a sharp decline in imports, a government report showed on Wednesday. U.S. gasoline stocks climbed 2.9 million barrels to 217.1 million barrels in the week to July 18, the Energy Information Administration reported. U.S. gasoline stocks are now above the average range for this time of year, the statistical arm of the Department of Energy said. The rise in gasoline stocks came despite a large decline in refinery utilization, which dropped 2.4 percentage points to 87.1 percent of capacity. Visit Reuters UK for full article

REPLIES (newest first)

First

Next Last

CrazyQ Champion Author Washington Posts:11,898 Points:1,377,550 Joined:Aug 2004	Message Posted: 7/25/2008 10:59:03 AM	Ignore CrazyQ Report Abuse
	Our area gas prices have fallen between 5% and 9%. In an imperfect world, nothing is going to track perfectly.
archetypical Champion Author St. Louis Posts:1,726 Points:265,400 Joined:May 2007	Message Posted: 7/25/2008 8:29:16 AM	Ignore archetypical Report Abuse
	Again, the money people won't let the market correct itself naturally through the laws of supply and demand. Demand decreases, so they cut back on oil imports and on refinery capacity to artificially keep prices high. How long will this be allowed to continue? At this rate we'll need to get more alternative energy out there fast because they'll never give up the windfall profits they're gouging from the working class. And to all of the "Drill more, drill here, drill now" folks, it may help to keep in mind what happens when we have a steady supply outweighing demand -- they cut the supply that reaches the public in order to keep prices high. Increasing domestic drilling will not solve the problem or provide economic relief at home. It will, however, give more money to people who are currently raping the economy so they can continue to off-shore and outsource work to other countries for cheaper goods they can sell here for higher prices due to our consistently weaker dollar. Unfortunately all it takes to get people to buy into a terrible plan is to tell them to stick it to the middle east. They aren't the ones destroying the U.S. Economy people -- Irresponsible Lenders, Big Business, Big Oil, Price Manipulation, and Speculation are doing that just fine by themselves.
zrcat Veteran Author Twin Cities Posts:384 Points:251,435 Joined:Feb 2007	Message Posted: 7/25/2008 8:11:10 AM	Ignore zrcat Report Abuse
	To JimL1 and all the other posters that agree with him. You do not have a clue, not a clue in your tiny little brain on how the markets work. Thats okay though, thats what free speech is all about. Oh, yeh, lets contact our government officals about the problem. Just what we need, MORE government intervention. "The most terrifying words in the English language are: I'm from the government and I'm here to help"-Ronald Reagan
djhone Rookie Author Spokane Posts:24 Points:62,905 Joined:Apr 2008	Message Posted: 7/25/2008 8:04:49 AM	Ignore djhone Report Abuse
	Ok, honestly!! can we not all agree that we need increased refinery capacity, and clearly there have been record profits recently to pay for the investment.
ss70 Champion Author Detroit Posts:2,598 Points:647,410 Joined:Sep 2005	Message Posted: 7/25/2008 7:58:38 AM	Ignore ss70 Report Abuse
	let gas prices to go to $4.50 again the oil industry will see what is Demand Destruction.
armstrmb Champion Author Houston Posts:1,728 Points:399,660 Joined:Jun 2007	Message Posted: 7/25/2008 7:45:56 AM	Ignore armstrmb Report Abuse
	Maybe this bouncing ball will go down soon.
Mahalo98 Rookie Author Georgia Posts:14 Points:26,390 Joined:Jun 2008	Message Posted: 7/25/2008 7:45:22 AM	Ignore Mahalo98 Report Abuse
	It seems like all the parties are have plans to remedy the high price of oil and supply & demand market, and for all the talk the markets have begun to correct themselves (who would have thunk it). New CO2 Scrubber Opposed by Environmentalists (VIDEO !!!) Scientists at Columbia University are developing a carbon dioxide (CO2) scrubber device that removes one ton of CO2 from the air every day, says the Heartland Institute http://wordpress.com/tag/carbon-eater/
bauerboy Sophomore Author Seattle Posts:137 Points:286,240 Joined:Apr 2003	Message Posted: 7/25/2008 7:42:03 AM	Ignore bauerboy Report Abuse
	This data is outdated the minute it comes out.
dls_txxs_grl All-Star Author Dallas Posts:801 Points:48,000 Joined:May 2008	Message Posted: 7/25/2008 7:37:50 AM	Ignore dls_txxs_grl Report Abuse
	that was a good one about gravity lol' peace, jenna
Dale Jr. Champion Author Iowa Posts:7,590 Points:1,528,625 Joined:May 2004	Message Posted: 7/25/2008 7:35:28 AM	Ignore Dale Jr. Report Abuse
	And the price of gas is falling where I'm at - $3.78.
Bannack Veteran Author Florida Posts:425 Points:84,570 Joined:May 2008	Message Posted: 7/25/2008 7:30:19 AM	Ignore Bannack Report Abuse
	Gravity works LOL
wild3bill Sophomore Author New York Posts:138 Points:522,375 Joined:Nov 2005	Message Posted: 7/25/2008 7:25:56 AM	Ignore wild3bill Report Abuse
	With the recent price dip, we fill our tanks and keep em full to the next gouge. Then we run near empty, buy just what we need until the next Dip
Sabredude Sophomore Author New York Posts:130 Points:185,850 Joined:Dec 2007	Message Posted: 7/25/2008 7:25:37 AM	Ignore Sabredude Report Abuse
	keep going down!
s6sputnik Champion Author Austin Posts:1,802 Points:362,175 Joined:Jun 2007	Message Posted: 7/25/2008 7:21:50 AM	Ignore s6sputnik Report Abuse
	Austins prices have moved down a LITTLE bit!
DarthDadJr Sophomore Author Virginia Posts:159 Points:31,415 Joined:Jul 2008	Message Posted: 7/25/2008 7:21:37 AM	Ignore DarthDadJr Report Abuse
	JimL1 makes good points about the commodity market and speculators...unfortunately, much of the so called "speculation" is funded by pensions funds who moved money into commodities when the stock market started to decline. Speculation is only part of the whole story...world demand is rising faster than production -- that is the bigger part of the problem. Prices are dropping because demand has dropped...thus the "speculators" are unwinding their positions and forcing the price of oil to drop more. Let's be real...oil is not going to drop much below $100s and price of gas is never going below $2 again. We have to start learning to live in a world where resources, like oil, are going to be scarcer.
rivasj19 Rookie Author San Diego Posts:46 Points:13,605 Joined:Jul 2008	Message Posted: 7/25/2008 7:20:30 AM	Ignore rivasj19 Report Abuse
	i see that gas prices have derease a bit in my town
amacquarrie Rookie Author Nevada Posts:86 Points:25,825 Joined:Jun 2008	Message Posted: 7/25/2008 7:19:36 AM	Ignore amacquarrie Report Abuse
	hmmmm
gasie1 Champion Author Maine Posts:1,610 Points:868,560 Joined:Nov 2005	Message Posted: 7/25/2008 7:19:33 AM	Ignore gasie1 Report Abuse
	Small drop in gas prices is only temporary.
dreamweaver7050 Veteran Author Louisiana Posts:264 Points:399,515 Joined:Sep 2006	Message Posted: 7/25/2008 7:18:49 AM	Ignore dreamweaver7050 Report Abuse
	still waiting for price at the pump to go down
CTTeacher All-Star Author Waterbury Posts:777 Points:635,065 Joined:Mar 2006	Message Posted: 7/25/2008 7:18:08 AM	Ignore CTTeacher Report Abuse
	I agree rbdesigns...
WillyG Champion Author Cincinnati Posts:1,178 Points:430,075 Joined:Aug 2005	Message Posted: 7/25/2008 7:18:04 AM	Ignore WillyG Report Abuse
	It's a No Win situation. The demand drops, the producers lay off workers, produce less, this way the crude stock stays low, and they keep the prices up, and raise 'em some mo'
RochBear Champion Author Minnesota Posts:1,326 Points:428,585 Joined:May 2006	Message Posted: 7/25/2008 7:15:31 AM	Ignore RochBear Report Abuse
	This is actually good news, Oil stock(Piles) rose even as imported oil declined. This means we Americans are conserving. this should help keep prices steady
rbdesigns Veteran Author Modesto Posts:333 Points:92,405 Joined:May 2008	Message Posted: 7/25/2008 7:14:09 AM	Ignore rbdesigns Report Abuse
	Supply and demand! They have more supply & we are demanding less, shouldn't prices keep dropping? They will find a reason to raise them again!
Wolfwings All-Star Author Delaware Posts:574 Points:203,115 Joined:May 2004	Message Posted: 7/25/2008 7:13:39 AM	Ignore Wolfwings Report Abuse
	So, crude prices go up, station prices go up. Refinery costs go up, station prices go up. Crude prices go down, station prices go up. And, government stockpile of orude goes up, station prices go up. CAN ANYONE SAY DOWM???
JB1881 Champion Author New Mexico Posts:1,224 Points:319,485 Joined:Aug 2007	Message Posted: 7/25/2008 7:12:58 AM	Ignore JB1881 Report Abuse
	The market works! Wow what a suprise! Now if the Democrats in Congress would let us drill for OUR OWN OIL WHERE EVER IT IS. The market would take notice too!
coolpado Veteran Author Virginia Posts:451 Points:95,445 Joined:May 2008	Message Posted: 7/25/2008 7:12:25 AM	Ignore coolpado Report Abuse
	Interesting
Dennis783 Champion Author Wisconsin Posts:5,183 Points:1,039,845 Joined:Sep 2005	Message Posted: 7/25/2008 7:07:15 AM	Ignore Dennis783 Report Abuse
	Wow, demand fell AND prices fell in the same week. Don't see that often any more!
Brn2bEvl Veteran Author New York Posts:432 Points:101,000 Joined:Apr 2008	Message Posted: 7/25/2008 6:56:34 AM	Ignore Brn2bEvl Report Abuse
	Gas will never be as low as it once was.
EXTREMESNOW All-Star Author Oregon Posts:751 Points:226,510 Joined:Jul 2006	Message Posted: 7/25/2008 6:55:31 AM	Ignore EXTREMESNOW Report Abuse
	NOT SURE IF STOCKS FALLING ARE A GOOD THING, I'M INVESTED IN THEM???
RCinNM Champion Author New Mexico Posts:4,052 Points:456,010 Joined:Sep 2005	Message Posted: 7/25/2008 6:52:42 AM	Ignore RCinNM Report Abuse
	Just when the gas prices started going down around here!
masrod Champion Author Iowa Posts:26,822 Points:977,380 Joined:Oct 2005	Message Posted: 7/25/2008 6:52:27 AM	Ignore masrod Report Abuse
	I agree with JimL1. Speculators are controlling the price. You can thank people like people like John McCain's economic advisor Phil Gram, the same guy who says we're a "nation of whiners" in a "mental recession". Gramm was one of five co-sponsors of the Commodity Futures Modernization Act of 2000[3]. One provision of the bill was referred to as the "Enron loophole" because Gramm drafted it in cooperation with lobbyists for Enron Corporation. Critics blame the provision for permitting the Enron scandal to occur.[4] At the time, Gramm's wife was on Enron's board of directors. (Gramm resigned from John McSame's campaign, but is still advising him.) Unite for Change! Obama '08!
RF4CPhantom All-Star Author Oklahoma City Posts:968 Points:129,555 Joined:Feb 2008	Message Posted: 7/25/2008 6:47:57 AM	Ignore RF4CPhantom Report Abuse
	Very interesting~!
HockeyLady All-Star Author New Jersey Posts:917 Points:858,230 Joined:Jun 2005	Message Posted: 7/25/2008 6:46:43 AM	Ignore HockeyLady Report Abuse
	keep conserving--and Drill
Brockvillian Veteran Author Ontario Posts:392 Points:268,270 Joined:May 2007	Message Posted: 7/25/2008 6:46:02 AM	Ignore Brockvillian Report Abuse
	Right on the money JimL1. Right on the money!
rtw777 Veteran Author Florida Posts:433 Points:133,575 Joined:Jan 2008	Message Posted: 7/25/2008 6:42:26 AM	Ignore rtw777 Report Abuse
	Jiml1 and Fred seem to be one person. A very wrong person.
10pennypincher Sophomore Author St. Louis Posts:202 Points:170,035 Joined:Jan 2007	Message Posted: 7/25/2008 6:42:23 AM	Ignore 10pennypincher Report Abuse
	use less and win!!
canescommuter All-Star Author Greensboro Posts:549 Points:112,315 Joined:Feb 2008	Message Posted: 7/25/2008 6:41:41 AM	Ignore canescommuter Report Abuse
	Keep conserving, bring OPEC to their knees.
unclebobMO Sophomore Author Missouri Posts:219 Points:104,640 Joined:Mar 2008	Message Posted: 7/25/2008 6:40:07 AM	Ignore unclebobMO Report Abuse
	Wow
rod1965 Veteran Author Portland Posts:398 Points:51,265 Joined:Jul 2007	Message Posted: 7/25/2008 6:39:31 AM	Ignore rod1965 Report Abuse
	Somebody translate for me. good or bad?
JimL1 Champion Author Phoenix Posts:1,001 Points:221,935 Joined:Jul 2003	Message Posted: 7/25/2008 6:38:51 AM	Ignore JimL1 Report Abuse
	I still have to wonder what kind of funny stuff Eaglev is smoking. Anyone who has not yet studied the futures markets and the manner in which the speculators control the price of the supply for only 5% of the cost of that supply has their head in the sand, is smoking funny stuff, or is listening to Rush Lamebrain and become one of his dittoHeads. I still maintain that the main part of the problem is the speculators and their ability to control the price of oil by putting up only 5% of the value of the futures contracts that they purchase. My earlier suggestion still stands: "Write your congressmen and in your own words say something like the following: If congress and Bush had the necessary fortitude they could end the oil and fuel crisis and these insane prices tomorrow. The only way to end the oil & fuel crisis is to require that speculators have to put up a higher percentage of the contracts that they purchase. It is very simple. Instead of allowing them to purchase a million dollar contract and cause its price to rise by putting up 5%, require that speculators put up something between 50 and 100%. The speculators profit would shrink, less would take the risk for smaller gain and prices would drop. Those holding current contracts would receive margin calls on them and they would have to come up with the difference or sell their contracts. Congress should do this and watch Bush veto it!!!"
FizedNH All-Star Author New Hampshire Posts:971 Points:187,700 Joined:Nov 2007	Message Posted: 7/25/2008 6:38:13 AM	Ignore FizedNH Report Abuse
	No kidding...
BoerneWatch Champion Author San Antonio Posts:5,841 Points:747,035 Joined:Oct 2005	Message Posted: 7/25/2008 6:36:49 AM	Ignore BoerneWatch Report Abuse
	The refiners are buying fewer barrels of expensive oil, they are using their stockpiles that cost less and the refiners are betting oil will drop soon. Oh yeah, it did.
edgarbrn Sophomore Author Charleston Posts:178 Points:287,895 Joined:Sep 2005	Message Posted: 7/25/2008 6:36:19 AM	Ignore edgarbrn Report Abuse
	Why doesn't this surprise me?
The_WB Champion Author Detroit Posts:3,491 Points:402,475 Joined:Apr 2007	Message Posted: 7/25/2008 6:35:22 AM	Ignore The_WB Report Abuse
	Makes no sense to me.
my3sons Champion Author New York Posts:1,204 Points:785,400 Joined:Aug 2005	Message Posted: 7/25/2008 6:34:39 AM	Ignore my3sons Report Abuse
	we're using less, how did that happen?
NavyEOD Champion Author Los Angeles Posts:1,541 Points:348,330 Joined:Jul 2007	Message Posted: 7/25/2008 6:34:15 AM	Ignore NavyEOD Report Abuse
	Even when demand is down. Should we believe this?
HiDesertPaul Veteran Author California Posts:416 Points:107,655 Joined:May 2006	Message Posted: 7/25/2008 6:33:48 AM	Ignore HiDesertPaul Report Abuse
	LOOK WHO IS STOPPING DRILLING! DON'T VOTE FOR THEM!!!!!!!!!!!!!!!!!!!!!!!!!!
starjacko Rookie Author Oregon Posts:66 Points:68,870 Joined:Apr 2008	Message Posted: 7/25/2008 6:32:52 AM	Ignore starjacko Report Abuse
	Gas prices will stay high.
niceguytx Champion Author Houston Posts:5,273 Points:1,022,695 Joined:Sep 2005	Message Posted: 7/25/2008 6:29:40 AM	Ignore niceguytx Report Abuse
	The monopoly and cartel will continue to gauge supply to meet demand.
Chazzer Champion Author Nevada Posts:7,665 Points:1,648,010 Joined:May 2002	Message Posted: 7/25/2008 6:24:19 AM	Ignore Chazzer Report Abuse
	It's just a ploy to keep gas prices high!