Falling Gas and Crude Stockpiles Could Drive Prices Higher

[cynatnite]

April 19, 2006 — In its weekly report on U.S. supplies of oil and gasoline, the Energy Department said that stockpiles of gasoline and crude oil had fallen during the last seven days — bad news for those hoping for relief from high prices at the pump.

Commercial crude inventories — the total available to the market outside the Strategic Petroleum Reserve — fell by 0.8 million barrels. Gasoline stocks fell by 5.4 million barrels — more than double the expected amount.

This is the seventh straight week of gas drawdowns, leaving the United States with gasoline supplies on the lower end of the average range for this time of year. During that time the country has seen 11.5 percent of its gasoline stockpile — 23.4 million barrels — disappear.

http://abcnews.go.com/Business/story?id=1860542&CMP=OTC-RSSFeeds0312

I decided this need it's own thread.