NEW YORK - U.S. crude oil stockpiles soared unexpectedly last week as imports climbed and production edged higher to a new record, the Energy Information Administration said on Wednesday.
Crude inventories rose by 7.2 million barrels in the week to March 29, compared with analysts’ expectations for a decrease of 425,000 barrels. Net U.S. crude imports rose last week by 386,000 bpd while exports dropped by 163,000 bpd to 2.7 million bpd. Last week, restrictions were in place at the busiest U.S. energy port, affecting nearby refineries and slowing efforts to end a shipping bottleneck after a massive petrochemical fire and spill near Houston halted vessel traffic for several days.
Gasoline stocks fell 1.8 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.5 million-barrel drop.
Just goes to show we already have enough. Why risk the potential damage of more offshore drilling and drilling in precious lands like Bristol Bay, Alaska? Let's get off oil as soon as possible.
and yet my local gas price at the pump is up 60 cents from recent lows?