America Is Paying a Lot for Fuel, Not Running Out of Gasoline
Gasoline is expensive. Diesel is worse. Social media is melting down and has apparently decided America is running out of fuel. U.S. gasoline inventories rose 800,000 barrels last week to 207.7 million barrels, according to the EIA. Stocks are 5% below the five-year average for this time of year. Tight, certainly, but hardly empty-tankish. Refineries processed 17.3 million barrels per day last…
Gasoline and diesel prices are skyrocketing, causing widespread concern on social media. However, the U.S. actually has ample fuel supplies, according to government data. Gasoline inventories increased last week and remain strong. Refineries are operating near capacity, processing 17.3 million barrels of crude per day. Gasoline production rose, while demand has decreased slightly.
Despite the price surge, U.S. gasoline and diesel stocks are not running critically low. The main issues stem from reduced diesel exports from Russia due to Ukrainian drone strikes and limited Middle Eastern fuel exports from the ongoing Iran conflict. Regional refinery troubles, especially in the Great Lakes region, are contributing to higher diesel prices in parts of the Midwest.
Experts warn that panic buying could exacerbate the problem, creating self-fulfilling shortages. While high fuel prices are painful, they do not indicate a nationwide shortage of gasoline.
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