Crude oil inventories as well as inventory in the SPR continues to fall, gasoline inventories rise, but prices rose slightly for the week to $3.14 per gallon. Look beyond the spin and see what it means. The SPR is at the lowest inventory level since 1983 at only 375 million barrels. Gasoline stocks are sitting at 220 million barrels, a 24 day supply at current consumption rates.
So what’s going on? The economy is still being sluggish. A year ago, Americans were using 9.2 million barrels a day of gasoline. Now we are using 8.6 million barrels.