Key facts
- US gasoline inventories rose 800,000 barrels last week to 207.7 million barrels, 5% below the five-year average.
- Refineries processed 17.3 million barrels per day and operated at 96.8% utilization.
- Gasoline production increased to 9.6 million barrels per day.
- Average gasoline demand over the past four weeks was 8.8 million barrels per day, down 1% from a year ago.
- Regular gasoline prices averaged $4.44 per gallon on Thursday, up 16 cents in a week.
- Diesel prices reached a record $6.40 per gallon.
- Distillate stocks rose 1.6 million barrels last week but remain 13% below their five-year average.
Despite widespread social media panic suggesting America is running out of gasoline, official data indicates otherwise, though diesel supplies remain tight. U.S. gasoline inventories increased by 800,000 barrels last week, reaching 207.7 million barrels, according to the Energy Information Administration (EIA). While this level is 5% below the five-year average for this time of year, it signifies an increase rather than a depletion.
Refineries processed 17.3 million barrels per day last week, operating at a high utilization rate of 96.8%, and gasoline production rose to 9.6 million barrels per day. Over the past four weeks, average gasoline demand has been 8.8 million barrels per day, a 1% decrease compared to the previous year.
However, these figures have not prevented gasoline prices from climbing. AAA reported the average price for regular gasoline at $4.44 per gallon on Thursday, a 16-cent increase over the past week and more than $1.20 higher than a year ago. Diesel prices have reached a new record of $6.40 per gallon.
The anxiety surrounding diesel is more grounded in supply issues. Distillate stocks saw a rise of 1.6 million barrels last week but remain 13% below their five-year average. Global factors such as Russia's reduced refinery capacity due to Ukrainian drone strikes and extended export restrictions, along with impaired Middle Eastern product exports due to regional conflicts, have contributed to missing barrels in the market.
Regionally, refinery issues have exacerbated the problem, pushing diesel prices to approximately $6.65 in Michigan, $6.53 in Ohio, $6.49 in Indiana, and $6.46 in Illinois, according to GasBuddy's Patrick De Haan. He described the broader claims of stations running dry as fake, which is supported by EIA data showing rising gasoline inventories, increased production, and lower demand.
Crude oil inventories are also 1% above their five-year average. While high crude prices, strong refinery activity, thin diesel stocks, and geopolitical factors impacting global fuel supply are significant concerns, the data does not support claims of the U.S. running out of gasoline. The EIA data shows ample gasoline supply.