US crude inventories increase 4.1 million bbl during the week ended Jan. 27
Monday, February 6, 2023
U.S. crude oil inventories, excluding the Strategic Petroleum Reserve, increased by 4.1 million bbl during the week ended Jan. 27, according to U.S. Energy Information Administration data.
U.S. crude inventories currently sit at 452.7 million bbl, which is 4% above the 5-year average for this time of year, according to Oil & Gas Journal.
Additionally, total gasoline inventories increased by 2.6 million bbl — 7% below the 5-year average for this time of year — and distillate fuel inventories increased by 2.3 million bbl — about 17% below the 5-year average for this time of year.
Learn more: Oil & Gas Journal > EIA: US crude inventories up 4.1 million bbl
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.