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The large drop in inventories last week caps a mammoth nine million barrel stock draw reported by the API for the week before, shocking a petroleum market which has long anticipated increasing supplies from the Organization of Petroleum Exporting Countries (OPEC).

U.S. Oil Levels At 'Gas Crunch' Lows

Crude Oil Inventories Haven't Been This Low Since 1976 Saudi Arabia Promises To Boost Production

NEW YORK, August 8, 2000 AP (Reuters) U.S. crude oil inventories fell more than two million barrels last week, dropping to their lowest level since March 1976, according to the American Petroleum Institute (API).

Crude oil inventories fell 2.144 million barrels during the week ending August 4 to 282.602 million barrels, just about 17 million barrels higher than the 265.8 million barrel level reached in March 1976, during the oil shock, according to an API statistician.

The large drop in inventories last week caps a mammoth nine million barrel stock draw reported by the API for the week before, shocking a petroleum market which has long anticipated increasing supplies from the Organization of Petroleum Exporting Countries (OPEC).

http://cbsnews.cbs.com/now/story/0,1597,222988-412,00.shtml

-- Martin Thompson (mthom1927@aol.com), August 08, 2000

Answers

It does not surprise me that levels are so low, who'd want to buy a huge quantity of a product when the prices MIGHT drop. We're looking at Just-In-Time inventories, and on a strategic product this COULD lead to some big and ugly problems.

Go visit to these sites and learn how to make your own diesel.

http://members.tripod.com/journey_to_forever/biodiesel_mike.html

http://www. vwc.edu/library_tech/wwwpages/gnoe/avd.htm

I've not started this but I am reading up on it.

This is sustainable fuel, and learning how to do it will be a valuable investment.

Now all I need is a link on how to make methanol (wood alcohol).

-- (perry@ofuzzy1.com), August 09, 2000.