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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
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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.

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 risk of an economic slump dampening demand is bigger than potential threats to supplies. (AP...
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)
Customer Carlos Mora gets gas at a Shell gas station in San Mateo, Calif., Tuesday, May 15, 2007. Most Americans are locked in to their driving habits, and can do little to alter them when prices rise, experts say. Indeed, demand for gasoline rose over the last month, even though...
Customer Carlos Mora gets gas at a Shell gas station in San Mateo, Calif., Tuesday, May 15, 2007. Most Americans are locked in to their driving habits, and can do little to alter them when prices rise,...   (Associated Press)
Prices for three grades of fuels are seen as Lester Greenhouse puts the nozzle towards his car as he prepares to fill his car with gas at a station in Zelienople. Pa. Tuesday, July 3, 2007. Oil and gasoline futures prices rose in lethargic preholiday trading Tuesday on renewed concerns...
Prices for three grades of fuels are seen as Lester Greenhouse puts the nozzle towards his car as he prepares to fill his car with gas at a station in Zelienople. Pa. Tuesday, July 3, 2007. Oil and gasoline...   (Associated Press)
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Crude oil prices rise
Bloomberg

Energy futures slump as refinery activity jumps
Associated Press

US • Money

 
gas • energy prices • gas prices • oil refineries

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