Tampa, FL – AAA says this week’s petroleum status report from the Energy Information Administration revealed that crude stocks fell by 4 million bbl to 466.6 million bbl last week.
While the new level is 32.8 million bbl lower than the level at this time in spring 2018, the step back is a reversal from the previous week that saw crude inventories climb by 10 million bbl.
Contributing to the recent reduction in total domestic crude inventories was a slight reduction in domestic crude production to 12.2 million b/d and a drop in crude imports from 7.4 million b/d to 6.7 million b/d.
The reduction in crude inventories occurred despite crude exports falling last week from 2.6 million b/d to 2.3 million b/d.
If total crude stocks continue to tighten, American motorists will likely see pump prices continue to increase this spring – alongside the global price of crude as tightening supply amid robust global crude demand will increase the price per barrel of oil.
About The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, financial services and travel offerings to over 9.6 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana.
ACG belongs to the national AAA federation with more than 59 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety.
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