(KNSI) – This week’s petroleum supply report has some good news, and a lot of bad news for consumers already weary from high prices.
Releases from the strategic petroleum reserve have begun and the nation’s oil stocks soared by over 8-million barrels. Total inventories remain 13% under the five-year average, but it represents a rapid improvement. The Biden Administration is committed to tapping the reserve daily for the next several months in the lead-up to the 2022 midterm elections.
Stocks for gasoline and diesel fell. Truckers are already facing record prices at the pump, which spills over to the cost of goods, food, and other products for consumers. Distillate inventories dropped by roughly 900,000 barrels and are 23% below the five-year average for early May. As long as the shortage continues, there will be price pressure. Jet fuel shortages are also a concern, particularly for the northeast.
The report covers the week ending May 6th.
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