EIA: US crude inventories increase by 7.6 million bbl for week ended Feb. 17
Friday, February 24, 2023
U.S. crude inventories, excluding the Strategic Petroleum Reserve, increased by 7.6 million bbl from the previous week during the week ended Feb. 17, according to the U.S. Energy Information Administration.
U.S. crude inventories sit 9% above the five-year average for this time of year at 479.0 million bbl.
Additionally, motor gasoline inventories decreased by 1.9 million bbl and sit 5% below the five-year average, finished gasoline inventories and blending component inventories decreased and distillate fuel inventories increased by 2.7 million and sit about 12% below the five-year average for this time of year.
Learn more: Oil & Gas Journal > EIA: US crude inventories up 7.6 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.