The weekly report highlighted another data point in a trend that we have experienced in the U.S. oil exploration and refining industry for two years. Crude oil remains at inventory level above than normal but gasoline inventories remain below average levels.

The U.S. demand for gasoline and crude continue to grow at a pace of one to two percentage points and dependence on the foreign oil. At the present level the U.S. imports close to 65% of its crude oil needs from other countries.


The following is the unedited news release from the Energy Department.


Summary of Weekly Petroleum Data for the Week Ending August 19, 2005

U.S. crude oil refinery inputs averaged nearly 15.7 million barrels per day during the week ending August 19, up 35,000 barrels per day from the previous week's average. Refineries operated at 93.4 percent of their operable capacity last week. Gasoline production declined, averaging over 8.6 million barrels per day, while distillate fuel production increased slightly, averaging over 4.2 million barrels per day.


U.S. crude oil imports averaged nearly 10.6 million barrels per day last week, up 272,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged over 10.7 million barrels per day, an increase of 322,000 barrels per day from the comparable four weeks last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged over 1.2 million barrels per day, while distillate fuel imports averaged 229,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.8 million barrels from the previous week. At 322.9 million barrels, U.S. crude oil inventories are well above the upper end of the average range for this time of year. Total motor gasoline inventories dropped by 3.2 million barrels last week, putting them at the bottom end of the average range. Distillate fuel inventories increased by 1.4 million barrels last week, and are above the upper end of the average range for this time of year. Most of the increase was in high-sulfur distillate fuel (heating oil), although low-sulfur distillate fuel (diesel fuel) inventories increased slightly. Total commercial petroleum inventories rose by 0.5 million barrels last week, and are slightly above the upper end of the average range for this time of year.

Total product supplied over the last four-week period has averaged over 21.3 million barrels per day, or 1.6 percent more than averaged over the same period last year. Over the last four weeks, motor gasoline demand has averaged nearly 9.5 million barrels per day, or 1.6 percent above the same period last year.

Distillate fuel demand has averaged over 4.0 million barrels per day over the last four weeks, or 4.3 percent above the same period last year. Kerosene-type jet fuel demand is down 4.9 percent over the last four weeks compared to the same four-week period last year.

The tables that follow display the latest U.S. Petroleum Balance Sheet and the most recent four weeks of Weekly Petroleum Status Report data.


The entire report can be found at www.eia.doe.gov