US Gas Supplies Hit 2-Year Low

Drop coincides with end of summer vacation season
By Caroline Zimmerman,  Newser User
Posted Sep 6, 2007 6:00 PM CDT
The crude oil futures trading floor is shown at the New York Mercantile Exchange, Thursday, Aug. 23, 2007 in New York. Oil prices hovered near eight-week lows Thursday as traders tried to decide if the...   (Associated Press)
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(Newser) – The nation's gas inventory slipped last week to its lowest level since Hurricane Katrina decimated stockpiles 2 years ago, but officials aren't worried. "We're at the end of the summer and demand should start declining over the next several weeks," one analyst told Reuters. The current supply is enough to fuel the US for 19.83 days.

In September 2005, supplies slid to 190.1 million barrels, just shy of the 191.5 million hit last week after a tumble of 1.5 million bbl. But refineries are already shifting focus to winter heating oil. "Stocks are definitely tight, but the draw down at this time of year is not unusual," said one analyst.