Last week, the US saw a huge draw on gasoline of 5.7 million barrels even in the face of refineries running at 91.6% capacity. We’re now sitting at the second lowest gasoline inventory (in terms of days of supply) that we’ve seen since the EIA began keeping track of it (March 1991).
We’ve only got 20.4 days worth of gas left in the “tank”. We’ve been at that level two other times in the past (August 29, 2003 and Sept 2, 2005). The post 1991 record is 20.3 days and was set August 22, 2003. Keep driving everyone! We’re closing in on a record!!!!!
Just to put that into perspective, here’s the data since 1991 from the EIA’s website that I averaged out for each year…
The trend definitely shows how vulnerable we’re getting to any future hiccups. It also speaks volumes about how little we’ve invested in storage at our refineries, compared to how much demand has gone up.