US gasoline inventories rise despite higher fuel prices — OilPrice
In the United States, gasoline inventories increased by 800,000 barrels over the week, to 207.7 million barrels, despite a significant rise in retail fuel prices. Inventories remain 5% below the average for the past five years for this time of year, but this does not indicate a widespread gasoline shortage at filling stations, OilPrice reports.
Gasoline production
According to the US Energy Information Administration (EIA), American oil refineries processed 17.3 million barrels of crude oil per day last week and operated at 96.8% capacity utilization. Gasoline production rose to 9.6 million barrels per day.
Average gasoline demand over the past four weeks stood at 8.8 million barrels per day, 1% lower than during the same period last year. Crude oil inventories, according to OilPrice, were 1% higher than the five-year average.
More current news is available on the UA.News Telegram channel Telegram.
Diesel prices
According to the American Automobile Association (AAA), the average price of a gallon of regular gasoline reached $4.44. It rose by 16 cents over the week and by more than $1.20 compared with last year. The cost of diesel fuel reached a record $6.40 per gallon.
Distillate inventories, which include diesel fuel, increased by 1.6 million barrels over the week but were still 13% below the five-year average. OilPrice links tightness in the diesel market to a reduction in available fuel volumes: Russia, the aggressor state, according to the publication, lost part of its oil refining capacity due to Ukrainian drone strikes and continued to restrict diesel exports. The publication also reports disruptions to petroleum product exports from the Middle East due to the war with Iran.
GasBuddy analyst Patrick De Haan said refinery problems had raised retail diesel prices in the Great Lakes states. In Michigan, the price was about $6.65 per gallon; in Ohio, $6.53; in Indiana, $6.49; and in Illinois, $6.46. He also called viral posts claiming a widespread fuel shortage at US filling stations false.
